Twin River slot parlor seeks Chapter 11 bankruptcy protection under mounting debts

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.