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:
MEGADEAL 
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.
