Twin River casino tries to avoid bankruptcy
25th June, 2009
One of Rhode Island’s biggest revenue producers is struggling to pay creditors and is becoming closer to entering bankruptcy. Governor of the Twin River parlor asked for rights to even more gambling yesterday.
To help the gambling empire survive there are plans to allow Twin River to offer its slots 24 hours a day, seven days a week and release greyhound racing as this is a large financial burden on the company. Whilst the company currently operates 24 hours on weekends it closes at 3am during the week so this opportunity has the potential to increase revenue providing customers want to carry on gambling!
It is obvious that Rhode Island relies quite heavily on gambling revenue and by allowing the Twin River to remain open for 24 hours a day, providing it is approved by the bankruptcy judge, it will continue to supply the state with a minimum of $20million a month.
Despite being open the extra hours Twin River will remain a video parlor not a full casino. Gamblers spend about $2 billion a year on approximately 4,750 video terminals that consist of life size screens with interactive dealers imitating roulette and slot machines and many more.
Having had financial trouble since early last year and even then requesting more gambling time, which is when they obtained the license to have 24 hours opening times for the weekends, objections from town residents became apparent. This time round president of Lincoln Town Council explained, “They already objected to the weekend 24 hours. This will just make their situation worse.”
With the head of states mind all made up it looks like the residents of Lincoln will have to continue their battle with the Twin River whilst the Twin Rives continues its battle with bankruptcy.
By Gina
