LINCOLN – UTGR Inc., the company that owns and operates the Twin River slot parlor, filed for Chapter 11 bankruptcy protection today in Providence. The gambling hall’s owners said it will remain open.

A hearing was scheduled for this morning to consider first day motions, a standard procedure in bankruptcy cases that would allow Twin River to continue operating under court protection, The Associated Press reported.

Twin River owes between $500 million and $1 billion, according to documents filed with the court, The AP reported. The court papers said an agreement has been reached under which Twin River’s lenders would write off roughly $290 million in debt in exchange for the right to bring in a new operator to run the venue.

The draft agreement also calls for the state to provide $11 million a year to supplement Twin River’s marketing budget; approve 24-hour gaming; and end the requirement that Twin River continue to operate its money-losing greyhound racing, The AP reported.

The deal must be approved by a bankruptcy judge and a majority of Twin River’s creditors.

Gov. Donald L. Carcieri has scheduled a press conference for 1 p.m. to discuss Twin River.

The governor’s office described the bankruptcy filing as “consensual,” and said Carcieri would provide “details of the consensual reorganization plan agreed to in principle between the state, the lenders” and Twin River’s ownership. He will be joined by the company’s top executives, according to a news release.

Gambling is Rhode Island’s third largest source of revenue.

UTGR is a subsidiary of BLB Investors LLC, a Connecticut-based company that is a joint venture of Kerzner International, Starwood Capital Group and the Waterford Group. The company paid $445 million to acquire the six-decade-old Lincoln Park in 2005, then spent $225 million on renovations that were completed in 2007.

Twin River’s owners have warned for months that they were nearing insolvency, but the governor ruled out a state-financed bailout for the slot parlor.