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Rhode Island taxpayers foot the bill for Kingdoms of Amalur flub

Icrontic reports:
"The State of Rhode Island loaned $75 million to 38 Studios to help develop Kingdoms of Amalur. Now the taxpayers are on the line as the studio defaulted on its payment."

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TheController2314d ago

Sad. I loved this game and hoped that more would come from it. Hopefully they can continue to make more and succeed as a company.

coolbeans2314d ago (Edited 2314d ago )

Do state governments really have the right to foot 75 million dollars of taxpayer money on a loan that was guaranteed not to be paid off for quite some time? They're shuttling so much money for less than 500 jobs; even worse, they're doing it during a time the US is "recovering" (face it, we're still not out of this) from one of its worse recessions yet. The deal just doesn't seem logical at this moment.

nCoGn33t02314d ago (Edited 2314d ago )

coolbeans, new businesses in other industries take out similar "loans" all the time. Why should the gaming industry be treated any different?

My only problem is, I fear that a lot of that money went directly into the pockets of some of the big names they brought on board to work on the game....and help give it buzz...namely Todd McFarlane and R. A. Salvatore. I'd love to know how much guaranteed $$ those 2 guys demanded to be attached to the game.

Baka-akaB2314d ago (Edited 2314d ago )

Then again , even if that was true , , it's hard to fault both when over half the interest of the game comes from their involvement and designs .

And of course it's what attracted the medias too .

coolbeans2314d ago (Edited 2314d ago )

"new businesses in other industries take out similar 'loans' all the time. Why should the gaming industry be treated any different?"

Enlighten me on how you came to the conclusion that I believe gaming companies should NEVER receive the same treatment as any other business. My statement is tied together by a few simple points:

- The timing of such a loan which guaranteed the state government wouldn't see a nickel until a few years down the road (after the game released).

- My first point tied into the fact that such a cost has been made to Rhode Island so shortly after a tremendous recession

- And the "at what cost?" portion tying into the fact that a state government just spent 75 million dollars for less than 500 gaming-type jobs, a good portion of that money probably going to the bigger names (like you reminded me).

My point wasn't to single out this games studio or the games industry, but rather the fact that this whole affair is just another case of a state government doing a s****y job of acting like a business.

SilentNegotiator2313d ago

Government should never fund video games. End of story. That's not a business investment; that is a GAMBLE.

Look at how the Canadian government has been funding the Too Human developers for years over the course of several ridiculous grants and what have you. An absolute waste of tax payer dollars.

+ Show (1) more replyLast reply 2313d ago
Ripco_Keller2314d ago

1,051,302.

That's how many tax payers live in Rhode Island.

If every one of them went out today and bought a copy of Kingdoms of Amalur brand new at $50, it would still not pay off this loan.

NeoTribe2314d ago

Rediculous. Country is on the verge of collapse and were lending money to game company's that can't pay there dept. Yeah sounds about right.

Enigma_20992313d ago

WHERE... DID THAT MONEY... GO?!?!?

LiquifiedArt2312d ago

here an idea. Stop stealing our hard earned money through taxation you freaking criminals!