Caprio: no bailout for Twin River

PROVIDENCE, R.I. (AP-WPRI) - Rhode Island General Treasurer and candidate for governor Frank Caprio says the state should not help bail out the bankrupt Twin River slot parlor .

The Democrat said Monday that lawmakers should either deny a the request from Twin River' s lenders that the state pick up as much as $11.4 million of the Lincoln facility's annual marketing and management costs, or reach a compromise in which the taxpayers benefit from the eventual sale.

Caprio made his comments the day before a House Finance Committee hearing on a Twin River concession package that Republican Gov. Carcieri unveiled last week.

"The big banks are asking Rhode Island tax payers to pay the bills that the previous owners used to pay" says Caprio. "The Rhode Island tax payers already have a pile of bills on the kitchen table" he adds.

Twin Rivers spokeswoman Patti Doyle responded, "It makes absolutely no sense, other than to be politically motivated. We're growing revenue at a time when our local competitors in Connecticut Foxwoods and Mohegan are losing"

Carcieri is asking legislators to free Twin River's owners from current employment and dog racing requirements and cover more than $10 million of their marketing and management costs. Twin River calls it 'tweeking the existing agreement' but opponents at this afternoons hearing call it 'a sweetheart deal'.