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State Finance Committee approves Lincoln Park deal

Thursday, July 14, 2005 | 9:58 a.m.

PROVIDENCE, R.I. -- The House Finance Committee on Wednesday approved a deal that would allow BLB Investors to purchase the Lincoln Park gambling facility, and would also stabilize the tax rate for the state's other gaming parlor, in exchange for it building a new hotel.

The 17-1 committee vote sends the measure to the House floor. The House and Senate are expected to return Friday to vote on the bill.

BLB Investors hopes to purchase Lincoln Park from Wembley PLC, a British company. But first, it needs legislation authorizing it to enter into a contract with the state to run the dog track and video lottery parlor, and setting the state and park's shares of video lottery terminal revenue.

BLB co-CEO Len Wolman has said the investors need the legislation by Friday, because of a shareholders' vote scheduled for Monday.

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