It's been confirmed today [thanks Boston.com] that 38 Studios will be leaving its home state of Massachusetts in favor of Rhode Island. The game developer founded by former Red Sox pitcher Curt Schilling had been lobbying for a $75 million loan from Providence, and now officials have signed off on the funds.
The Rhode Island Economic Development Corp. voted 8 to 1 to grant the loan guarantee to 38 Studios. The hope is that the state can become a major hub for video game development. “I’ve invested a significant amount of my life’s earnings in 38 Studios,’’ said Schilling, “and I will protect the loan guarantee that’s been given by the state with the same passion and interest that I’m protecting my own investment in this company. Our paths are very much aligned.’’
38 Studios has said it could bring 450 direct jobs to Rhode Island by the end of 2012; and in fact, the company would see a penalty imposed if it fails to meet that goal. Keith Stokes, executive director of the Rhode Island Economic Development Corp., said the state would issue bonds to generate the $75 million. 38 Studios would then receive the cash in increments while it adds the necessary jobs and meets certain goals.
38 Studios, during Comic-Con, just unveiled their first project called Kingdoms of Amalur: Reckoning. The RPG, led by Ken Rolston (designer on Oblivion), will ship in fall 2011 for PS3 and Xbox 360.
