Should the State Purchase Twin Rivers?
In the event their financial troubles lead to foreclosure, General Treasurer Frank Caprio has proposed, though not as a first option, the state purchase of Twin Rivers. The Treasurer further proposes to do so without voter approval. (By the way, where have we heard about a chunk of the taxpayers’ change being spent against taxpayer will? Oh, yes.)
Certainly if the worst happened to Twin River, due to the condition of the real estate market, anyone purchasing the operation’s land and all improvements at foreclosure auction would do so at an advantageous price. Say the bidding stopped at half of the assessed value of $186,036,888. Even setting aside the state’s $400 million annual deficit, would $93,000,000 be a prudent use of tax dollars for such a purpose?
Suppose the bidding stopped much lower and the state were able to acquire the property at a real bargain. The big picture question becomes: is it a good thing for the state to own a gambling venue?