Investors and taxpayers will pick up the $300 million tab for bad business decisions by the Twin River Slot Barn, but the host community that overwhelmingly opposed 24/7/365 Gambling has lost its voice and local control through the bankruptcy court.
Before the ink is dry on any agreement, the Casino Vultures know how to successfully eliminate limits on their profits, impose 24/7/365 drunks on the roads and gain the support of governments addicted to gambling revenues.
Twin River, another Slot Barn proposed to magically 'save racing' in a transparent ploy repeated around the country and proposed in Massachusetts, successfully rid itself of the dead racing industry it was subsidizing.
RI Slot Parlor Emerges From Bankruptcy Protection
Twin River slot parlor reduces debt, emerges from bankruptcy protection
The owners of the Twin River slot parlor said Tuesday that the gambling facility has emerged from bankruptcy protection and slashed its debt roughly in half as part of a reorganization plan.
The corporate owner of Twin River, in Lincoln, filed for Chapter 11 bankruptcy protection a year and a half ago as it struggled to repay roughly $600 million in debt partly from the purchase and renovation of the gambling hall. The facility said at the time that it was losing millions of dollars annually on a legal requirement that it host greyhound racing, a continual money loser.
John Taylor, the chairman of the new board of directors of BLB Worldwide Holdings Inc., the umbrella company that owns Twin River, said Tuesday that debt on the property has been cut to roughly $300 million and that Twin River produced about $250 million for the state in the last fiscal year.
In an interview, he said Tuesday's announcement would remove the "stigma" of bankruptcy lingering over the slot parlor.
Twin River, which is now open 24 hours a day and this year was relieved by the General Assembly of its dog-racing mandate, offers video lottery terminals but not table games found at traditional casinos.
Gov. Don Carcieri vetoed a proposed ballot question that would have asked voters if they support turning Twin River and Newport Grand into full-scale casinos.
Gambling is the state's third-largest source of revenue, and proponents of casinos worry that neighboring Massachusetts will ultimately build casinos that attract Rhode Island customers and siphon away customers from Twin River.
Taylor said it was a question of when, not if, Massachusetts would license casinos. The gambling debate there ended in a stalemate when Massachusetts Gov. Deval Patrick and state lawmakers could not agree on a bill to legalize casinos.
Taylor said Tuesday he was disappointed the casino referendum was never put to Rhode Island voters.
"We know with certainty that there are storm clouds on the horizon that will require all of us in Rhode Island to remain nimble and focused on preservation of this critical revenue stream," he said in a written statement.
Before the ink is dry on any agreement, the Casino Vultures know how to successfully eliminate limits on their profits, impose 24/7/365 drunks on the roads and gain the support of governments addicted to gambling revenues.
Twin River, another Slot Barn proposed to magically 'save racing' in a transparent ploy repeated around the country and proposed in Massachusetts, successfully rid itself of the dead racing industry it was subsidizing.
RI Slot Parlor Emerges From Bankruptcy Protection
Twin River slot parlor reduces debt, emerges from bankruptcy protection
The owners of the Twin River slot parlor said Tuesday that the gambling facility has emerged from bankruptcy protection and slashed its debt roughly in half as part of a reorganization plan.
The corporate owner of Twin River, in Lincoln, filed for Chapter 11 bankruptcy protection a year and a half ago as it struggled to repay roughly $600 million in debt partly from the purchase and renovation of the gambling hall. The facility said at the time that it was losing millions of dollars annually on a legal requirement that it host greyhound racing, a continual money loser.
John Taylor, the chairman of the new board of directors of BLB Worldwide Holdings Inc., the umbrella company that owns Twin River, said Tuesday that debt on the property has been cut to roughly $300 million and that Twin River produced about $250 million for the state in the last fiscal year.
In an interview, he said Tuesday's announcement would remove the "stigma" of bankruptcy lingering over the slot parlor.
Twin River, which is now open 24 hours a day and this year was relieved by the General Assembly of its dog-racing mandate, offers video lottery terminals but not table games found at traditional casinos.
Gov. Don Carcieri vetoed a proposed ballot question that would have asked voters if they support turning Twin River and Newport Grand into full-scale casinos.
Gambling is the state's third-largest source of revenue, and proponents of casinos worry that neighboring Massachusetts will ultimately build casinos that attract Rhode Island customers and siphon away customers from Twin River.
Taylor said it was a question of when, not if, Massachusetts would license casinos. The gambling debate there ended in a stalemate when Massachusetts Gov. Deval Patrick and state lawmakers could not agree on a bill to legalize casinos.
Taylor said Tuesday he was disappointed the casino referendum was never put to Rhode Island voters.
"We know with certainty that there are storm clouds on the horizon that will require all of us in Rhode Island to remain nimble and focused on preservation of this critical revenue stream," he said in a written statement.
Posts
No comments:
Post a Comment