Bally’s is trying to increase the gambling credit limit at its two properties in Rhode Island from $50,000 to $100,000 in order to stay competitive and attract high-stakes players. Not surprisingly, this move has sparked concerns despite the fact that Bally’s has secured the support of Senate President Dominick Ruggerio.

Bally’s Representative Tackles Concerns Over Rhode Island Casino Credit Proposal

Bally’s representative, Elizabeth Suever, addressed concerns during a Senate Committee on Special Legislation meeting. Suever noted that the proposal’s goal is to cater only to gamblers capable of repayment, reported The Providence Journal. 

Notably, casinos in Connecticut and Massachusetts are operating without such credit limits so the proposal is trying to level casino offerings in Rhode Island with the neighboring competition. The state of Rhode Island is quite dependent on gambling tax revenue, which amounts to $428.8 million annually.

However, opponents have expressed their confusion about the proposal being introduced at the end of the legislative session and the urgency surrounding it.  A spokesperson for Ruggerio confirmed that the legislation was crafted upon Bally’s request to counter competition from Massachusetts casinos.

Nonetheless, there is one stipulation in the proposal that has raised lawmakers’ eyebrows. The bill is going to affect the state’s Department of Business Regulation‘s authority to change Bally’s operating agreement without legislative approval. 

Rhode Island Proposal Aims to Attract High-Rollers

The proposal proponents argue that the bill will affect only a small group of high-rollers. It is going to reduce the need for large cash transactions for such players and, thus, make Bally’s casinos more attractive to them. 

Answering concerns about financial oversight and potentially higher gambling debt, the bill’s supporters note that players are going to be subject to rigorous scrutiny such as credit checks, identification verification, and tracking of their gaming history across local casinos. 

However, there is no detailed information available regarding the current number of players with $50,000 credit limits.

Additionally, the proposed legislation is going to change various aspects of Rhode Island’s lottery and casino operations. For example, Bally’s debt ratio shall have to be revised and the method for calculating promotional points shall also be changed.

This, in turn, will impact the state’s revenue share. The main challenge ahead of legislators will be to strike a balance between responsible gaming and keeping the competitive edge of Rhode Island casinos against neighboring states. The fate of the proposal will have implications for economic revenue and consumer behavior in the gambling sector.

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