June 23, 2009
Twin River filed for bankruptcy today in hopes to restructure and rid its
heavy debts. The casino has 4,700 slot machines, roulette tables, and live
greyhound racing, and employs more than 800 people. In its filing the casino
listed assets of between $100 million and $500 million, and other assets of
between $500 million to $1 billion
The papers filed in the U.S. Bankruptcy Court for the District of Rhode Island state "Twin River's remaining revenues are simply insufficient to fund operations and to service the interest payments on the approximately $589 million in secured debt incurred to acquire and upgrade their facilities."
The casino said the live greyhound racing has operated at a loss, and it hopes the state legislature will repeal the statutory requirement to have it.
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