Twin River delaying bankruptcy court filing
Published: June 22, 2009
PROVIDENCE - The owners of the Twin River slot parlor say they’ve decided to delay filing for bankruptcy - at least for now.
Spokeswoman Patti Doyle says the owners of the Lincoln facility came “very close” to seeking Chapter 11 bankruptcy protection on Monday but decided to hold off after resuming talks with lenders.
The slot parlor’s creditors include two New York financial houses and local builders and electricians.
Twin River has said it would seek bankruptcy protection unless it got relief from creditors and the state government.
A bankruptcy could significantly affect the state, which expects nearly $246 million in revenue from the slot parlor this year.
Twin River encountered financial trouble after its owners took on $565 million in debt.
Reader Reactions
Where does all the money go? We all know where all the money goes, it goes to the state. The state gets 61% of the money that is taken in at Twin Rivers, and they get 39%, out of that 39% they have to pay all of the overhead and all their employees. Not much left to pay off debts. This greedy state should take less and let the racino stay in business. They pay lots of money to the state and I want to know what the state does with their share never mind what twin rivers does with their share.
I simply don’t get it. I live near Twin River, and the place is ALWAYS packed - especially on the weekends. Where does all this money go?????
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