Slot parlor assets far short of its debt
Published: August 25, 2009
PROVIDENCE—The owners of the Twin River slot parlor and greyhound track in Lincoln owe about 10 times more to creditors than they have in cash and assets.
According to documents filed in federal bankruptcy court, Twin River owner UTGR Inc. owes nearly $568 million to dozens of banks, investment firms, government agencies, contractors and individuals. But it claims only $56.6 million in assets, including about $22 million held in cash.
UTGR filed for federal bankruptcy protection June 23 in an effort to reorganize as the company struggles to pay millions of dollars in loans.
The Providence Journal reports that gambling is the state’s third largest source of revenue behind income and sales taxes, and is expected to bring in about $254.5 million.
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If the state and the other creditors only want to pull more out of the place and aren’t willing to let them keep a bit more to try to pay off the bills, I hope the owners file chapter 7 and go out of business.
It would serve the state, the greyhound owners and association and the rest of ‘em right. Let them eat the debts and let the state go bankrupt.
Why do you keep calling this casino a “parlor”? None of the definations of parlor in the Merriam Webster Dictionary come close to what this is. Admittedly it is not a very good casino—no entertainment, only features games with the worst odds for the consumer and which are the most addictive, very limited dining options, etc. But it is a casino and, from the perspective of the public, is compared to other casinos. It is certainly not a parlor.
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