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Lincoln Park Deal Approved by House

PROVIDENCE, Rhode Island – As reported by the Pawtucket Times: "Just days before the threatened "drop dead date" on which the sale of Lincoln Park would have fallen through, legislation to enable the deal that the House, Senate, governor and purchaser all find agreeable zipped through the House Finance Committee Wednesday evening.

"By a vote of 17-1, legislation that had come off the printer after 6:30 p.m. was approved by the committee at about 8:30. It will be put before the full House and Senate Friday, which BLB Investors say is the final day it can wait for legislative approval before its $565 million deal to buy the dogtrack/video slot parlor would crumble.

"The bill, sponsored by Pawtucket Rep. William San Bento in the House and Senate President Joseph Montalbano in the Senate, gives BLB Investors, the consortium planning to purchase Lincoln Park from London-based Wembley plc, a five-year contract with two five-year renewal options, locking in the company's take from the 3002 existing video slot machines at the park plus 1,750 additional machines that are part of the bargain.

"In exchange, BLB pledges to make $125 million in expansion and renovations to a facility whose deteriorating condition in recent years prompted San Bento to call it 'an antiquated rustbucket.'…"

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