Twin River debt cut

Money Briefs

Twin River debt cut
LINCOLN, R.I. — The owners of the Twin River slot parlor said Tuesday the gambling facility has emerged from bankruptcy protection and slashed its debt roughly in half as part of a reorganization plan.

Twin River’s owner entered Chapter 11 bankruptcy protection 17 months ago as it racked up nearly $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 requirement it host greyhound racing, a money loser.

BLB Worldwide Holdings Inc., the owner, said debt has been cut to roughly $300 million and that Twin River produced about $250 million for the state in the last fiscal year.

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.