Twin River’s credit rating dropped

PROVIDENCE -- Standard & Poor's has lowered its corporate credit rating on the parent company of the Twin River greyhound track and slot parlor.

In lowering the credit rating from CCC- to D, Standard & Poor's notified investors that the owner of the Lincoln facility is in default on its loan payments.

The announcement got the attention of state officials, who are relying on the facility to produce more than $254 million in tax revenue this year.

State Department of Revenue Director Gary Sasse on Sunday said Twin River's owners have asked the state for concessions, including the extension of a 90-day trial period for a promotional-points program aimed at generating more business by awarding free play to frequent players.

Twin River said it is working with creditors.