Projo Biz Blog

The owners of the Twin River slot parlor in Lincoln continue to work out their financial problems and last week agreed to pay another $1 million to the contractors who renovated the once-aging gambling venue.

In March, Dimeo Construction Co., of Providence, the contractor that managed the $225-million reconstruction project that transformed Lincoln Park into Twin River, put a lien on the property to secure $5.7 million from BLB Investors LLC. Dimeo's subcontractors filed their onw liens. The demands for payment earlier this year were wrapped into a lawsuit in state Superior Court.

BLB Management Services, an offshoot of BLB Investors, has been holding the contractors at bay this year while it talks with the state about ways to raise its revenue at Twin River.

Under an earlier court-approved settlement, BLB agreed to pay $750,000 -- to be divvied up among Dimeo and its subcontractors. The last payment -- $250,000 -- was paid Sept. 26.

According to an amended settlement, BLB will make four more payments of $250,000 each to help settle its construction-related debts. The first of the four payments was due Oct. 29, but there's no indication from a Nov. 21 court filing whether that payment was made. The next payment of $250,000 is due Wednesday.

 Tags  BLB gambling slot parlor Twin River

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