Curt Schilling’s Maynard, MA-based 38 Studios will meet with Rhode Island’s Economic Development Corporation to discuss a possible $75 million dollar loan, should the studio move its headquarters to Rhode Island. IndustryGamers has known about this since E3, and our understanding from speaking with Schilling is that he is also personally impressed with Rhode Island.
Curt Schilling’s extensive baseball career afforded him the opportunity to start up a development studio back in 2006. 38 Studios has been primarily funded on Shilling’s earnings, estimated at over $114 million dollars.
The studio initially received a $5 million cash injection by Schilling in 2006; in 2008, its total compensation was $6.9 million with capital standing at $2.4 million. Schilling has admitted that 38 Studios was not brought up in the best economic conditions, but he has continued to keep the studio alive, even bringing in former Nintendo VP Denise Kaigler to serve as chief marketing officer.
Schilling has spent his time working for tax breaks that would allow high tech companies, including game developers, to remain in Massachusetts. As nothing has materialized, Schilling has stated previously that he would move the studio should incentives be provided. Massachusetts officials have said they would continue to work with 38 Studios to meet its needs as best as possible, as they currently have no program for tax relief dedicated to high-tech companies.
Rhode Island Economic Corporation said 38 Studios would be guaranteed a $75 million loan should they come to them first. Rhode Island’s economic development board will make a determination on whether or not the company will receive the loan under its relief provisions for high-tech companies.
38 Studios is currently working on a single-player RPG, Project Mercury, led by Oblivion designer Ken Rolston, as well as Copernicus, an MMO. The studio is planning on hiring 300 new employees to work in Massachusetts as well as the Big Huge office, a studio that was acquired back in 2009.
Additional reporting by James Brightman
[Thanks Boston.com]
2 Comments
July 14, 2010
single-player RPG, not MMO :)
July 15, 2010
Indeed, that was a typo. Thanks Demian.