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Subsidy Tracker Individual Entry

Company: 38 Studios
Parent Company: 38 Studios
Subsidy Source: state
Location: Rhode Island
City: Providence
Project Description: video-game development company offices
Year: 2010
Major Industry of Parent: entertainment
Specific Industry of Parent: computer games
Subsidy Value: $75,000,000
Program Name: Job Creation Guaranty Program
Awarding Agency: Economic Development Corporation
Type of Subsidy: 
Number of Jobs or Training Slots: 400
Wage Data: $72500
Wage Data Type: average annual salary
Source of Data: The value of the subsidy package and the job and wage projections are taken from: Andy Smith, "R.I.'s pitch to get in the game," Providence Journal, July 15, 2010. The information on the company's bankruptcy is taken from: Ken Sweet, "38 Studios: Broke Rhode Island now owns a video game company," CNN Wire, May 28, 2012.
Notes: The subsidy package was assembled for the relocation of 38 Studios from Massachusetts to Rhode Island and included $75 million in loan guarantees. In 2012, the company--founded by former major league pitcher Curt Schilling--went bankrupt and left the state on the hook for more than $100 million (including interests and fees). Overlaps with main Subsidy Tracker data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.