RI Slot Parlor Files For Bankruptcy Protection

BingoT

Nurses love to give shots
Joined
Dec 16, 2004
Location
Hartford,Ct
RI Slot Parlor Files For Bankruptcy Protection


PROVIDENCE, R.I. -- A Rhode Island slots parlor says it needs 24-hour gambling, millions of dollars for marketing and to end costly greyhound racing to regain profitability.

UTGR Inc., which owns the Twin River slots parlor in Lincoln, R.I., filed for Chapter 11 bankruptcy protection Tuesday morning. Hours later, its attorneys outlined for a federal bankruptcy judge a conditional agreement between the company and the state.

Chapter 11 bankruptcy allows a business to free itself from creditor lawsuits and reorganize its finances. The reorganization plan must be approved by a judge and by a majority of creditors.

Twin River estimates its liabilities as between $500 million and $1 billion.

Its video slot machines represent Rhode Island's third-largest revenue source.
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silkprint

Dormant account
Joined
Jun 10, 2003
Location
Mass
We go there alot. Since the redo the games have changed ..kinda miss the old machines . Now there are mostly penny and 5 cents machines . It's nice there though to go and sit for a while playing cheap slots .
 
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