Speaker Fox predicts 38 Studios will succeed, defends $75M state loan guarantee
House Speaker Gordon Fox says he still believes the $75 million loan guarantee for 38 Studios was a risk worth taking as part of Rhode Island’s quest for a new economy. He stands behind the idea of trying to kick-start a local video-game sector even after 38 Studios missed a payment of more than $1 million to the state Economic Development Corporation earlier this month.
This kind of sector – there’s a risk there, absolutely, there’s a risk involved. So I think it’s worth the risk, because I think that if these companies – I still think this company will take off – and they create a dynamic economy, new life in the places like a downcity Providence.
The EDC is set to hold an emergency meeting to discuss 38 Studios at 8:30 am Wednesday. Fox says the question of whether the state should help the company with more money is a matter for the EDC.