Projo Biz Blog

The owner of the Twin River slot parlor is unlikely to reach a new financing deal with its lenders before the current one expires at the end of the day, according to a slot parlor representative.

"I don't believe we will have an announcement today," said Patti Doyle, Twin River's spokeswoman. "We will be working through the weekend to get an agreement."

UTGR Inc., which owns the slot parlor in Lincoln, has been negotiating for months with its lenders to rework the $577 million in financing it has tied to Twin River's operations. The slot parlor has received one extension after another during the talks, with the latest one due to expire at midnight.

"They're not going to get it done today," she said.

The company, a subsidiary of BLB Investors LLC, missed a loan payment in March, prompting negotiations with its lenders and collection efforts by contractors who worked on the $225-million reconstruction project that transformed the aging Lincoln Park race track into Twin River.

UTGR and its lenders entered into a pact, known as a forbearance agreement, which allows the company to work out payment plans with its lenders and creditors.

Company representatives have used that time to improve profits at the slot parlor and negotiate with state officials over the terms of Twin River's revenue deal with the state.

Out of every dollar lost into one of the machines, the state gets close to 60 cents. If expectations play out, that would translate into $254,459,280 for the state this year. Gambling is the third-largest source of state revenue.

 Tags  gambling Lincoln R.I. state revenue Twin River

Comments

Pat Francis said:

Was @ Twin River a few weeks ago, the place has definitely gone down hill. Smokey, trash on the floor and machines, broken machines. A concert by
Pat Benatar was a rip off, she played for 1 hour, then left.

Not going back...

Pat

Link | September 8, 2008 9:33 AM
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joedice said:

the twin r is the worst place in the (usa) to play slots.. i have played in many racino,s all over the country,,,,, and twin has a bad percentage 68% to 75% pay .take a $100 dollor bill and see how long it last..u can,t get a run for your money anymore, no play what so ever...the machines are very tight.. keeps us fools going back.it,s hard to stay away but i cut back a lot in the last year..

Link | October 30, 2008 10:20 AM
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