entertainment

Twin River leaves bankruptcy protection

IMAGE SOURCE TWIN RIVER
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.”

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