Here’s a good reason not to wander down the racino path.
But the legions of new gamblers that were supposed to flock to the glitzy slot parlor, rebranded as Twin River and purchased and renovated at a cost of nearly $700 million, never came. Its operators cannot meet heavy debt obligations and have defaulted on the terms of their loans. Bankruptcy threatens.
So to avoid the risk of a closure and the loss of $250 million the slot machines generate annually for state coffers, the state’s politicians are considering ways to keep it open, including a possible purchase – an unprecedented move that would make Rhode Island the first state to own a “racino.” …
“We’re so deep into it,” said John J. Cullen, a Lincoln resident and longtime critic of expanded gambling who nonetheless sees the logic of a state buyout. “The state has become addicted to the revenue source.”
Taxpayer money to bail out a racino, the entire point of which was to generate tax money to fund other priorities. I can think of nothing more hideous.
Let’s just not do this, k?