Twin River leaves bankruptcy protection

VIDEO SLOTS PARLOR Twin River emerged from Chapter 11 on Tuesday 17 months after it filed for bankruptcy protection.
Posted 11/9/10

LINCOLN - Video slots parlor Twin River emerged from Chapter 11 on Tuesday 17 months after it filed for bankruptcy protection.

The R.I. Department of Business Regulation and the Department of Revenue’s Division of Lotteries have issued the final approvals and the appropriate documents have been filed with the bankruptcy court, said a spokesperson for Twin River in a news release.

John E. Taylor Jr., chairman of the new board of directors, said that the debt load on the property had been reduced to $300 million from $598 million. Taylor signaled that Twin River’s credit obligations “had been met” and it has a “strong balance sheet.”

He added that the parlor’s revenue has grown 22 percent over the past three years, generating $250 million in the last fiscal year.

Nevertheless, Taylor warned: “We know with certainty that there are storm clouds on the horizon … Massachusetts is poised to allow full gaming at some point in the near future, and given that nearly half of our customer base is from the Commonwealth, we must act quickly to address that very real threat.”

PBN Hosted

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News