Twin River emerges from bankruptcy

LINCOLN, R.I. (AP) - The owners of the Twin River slot parlor said Tuesday that the gambling facility has emerged from bankruptcy protection and slashed its debt roughly in half as part of a reorganized plan.

The corporate owner of Twin River, in Lincoln, entered Chapter 11 bankruptcy protection a year and a half ago as it struggled to repay nearly $600 million in debt from the purchase and renovation of the gambling hall. The owners also said Twin River was losing millions of dollars annually on a legal requirement that it host greyhound racing, a continual money loser.

John Taylor, the chairman of the new board of directors, said Tuesday that debt on the property has been cut to roughly $300 million and that Twin River produced about $250 million for the state in the last fiscal year.

Twin River, which is now open 24 hours a day and this year was relieved by the General Assembly of its dog-racing mandate, offers video lottery terminals but not table games found at traditional casinos.

Gov. Donald Carcieri veotoed a proposed ballot question that would have asked voters if they support turning Twin River and Newport Grand into full-scale casinos. Gambling is the state’s third-largest source of revenue.

“We know with certainty that there are storm clouds on the horizon that will require all of us in Rhode Island to remain nimble and focused on preservation of this critical revenue stream,” Taylor said in a written statement.