Wed June 1, 2011
Is Twin River the answer to the pension crisis?
By IAN DONNIS
PROVIDENCE, RI – Although the state doesn't own Twin River, it gets 60 percent of the money gambled there - about 270 million dollars each year.
Robert Walsh of the National Education Association Rhode Island says that revenue stream could be sold to a private bidder for billions of dollars.
Under Walsh's concept, those billions would be applied to the state's estimated seven billion to nine billion dollars in unfunded pension liability.
"What I would propose doing is decreasing our interest significantly in exchange for one large equity piece, one large cash payment, that could be used to mitigate the unfunded liabilities," says Walsh.
Walsh says he hopes to discuss his concept with state Treasurer Gina Raimondo and other officials.
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