Twin River seeks new financial deal with state

PROVIDENCE, R.I. (AP) - One of Rhode Island's licensed slot parlors is seeking a new deal with the state to avoid falling into bankruptcy.

Twin River has missed loan payments to its bank, and its spokewoman says the Lincoln greyhound track and video gambling facility is in a dire financial position.

The facility's owners have proposed an upfront payment of $500 million to the state. In exchange, the state would reduce by more than half its share of video-slot revenue.

The proposal comes as the state faces a budget deficit of at least $434 million. House lawmakers plan a floor vote next week on a $6.8 billion spending package.

House Speaker William Murphy says he doesn't support Twin River's proposal at the moment and that there won't be a deal with Twin River before that vote.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)