Photo from https://cic.com/providence
From the Providence Journal, by Patrick Anderson
PROVIDENCE The Providence Foundation is questioning a proposal to name the new park along the Providence River after Twin River casino.
Cliff Wood, executive director of the business-backed group that promotes investment in downtown, said the 23 years of park naming rights Twin River would receive under a proposed state lottery contract is “far longer” than similar deals in other places. Twin River is seeking the contract, which needs legislative approval, in a partnership with International Game Technology.
“Many similar parks have seen the market for naming rights and sponsorship increase considerably in the first three to five years after opening so such a long-term agreement would limit the state’s ability to reap the benefits of a successfully run public space,” Wood wrote in testimony to the Senate Finance Committee while noting that the proposed legislation includes “no provisions for renewal or renegotiation.”
Wood added that public sponsorship deals these days often include “activation and fulfillment” packages that set target benefits for both the public and corporations. ”... but none are included in the proposed language, leaving the I-195 Commission with little leverage to negotiate. Moreover, park naming rights agreements are generally considered in concert with other sponsorship opportunities in order to increase revenue,” Wood wrote.
Establishing the naming rights first and separately may limit how much other potential partners are willing to pay to sponsor a concert series or other activities in the park.”
The naming rights provision is tucked into the proposed IGT/Twin River lottery contract bill and requires the casino company to pay the I-195 Redevelopment Commission, which owns the park, $100,000 per year for the naming rights. The contract extension would run until 2043.
Awarding the naming rights to someone other than Twin River would require changing the law.
The bill also requires Twin River to lease 12,000 square feet of office space in Providence.
Twin River’s Rhode Island CEO Marc Crisafulli said Wednesday night that the company is finalizing a lease for space in the Wexford Innovation Center adjacent to the park. The Wexford building, which is only partially filled, is a centerpiece of Gov. Gina Raimondo’s downtown Providence economic development policy.
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Paying for park maintenance has been a concern of the 195 Commission for several years and Crisafulli said the naming rights provision is intended as a gesture of help for the state.
It’s unclear whether the 195 Commission supports the idea.
The commission’s spokeswoman, Cara Cromwell, said Friday that the panel had no immediate comment on the naming rights issue.