The future just got a little darker for Twin River.  A Merrill Lynch spokesman announced that a loan forbearance pact which was set to expire tomorrow, actually expired on January 5th due to Twin River's inability to meet  certain milestones.  This news, combined with lawsuits from contractors, and falling gambling revenue mean trouble for Twin River and Rhode island.

     Legislation has been proposed which would open the door to full casino gambling, along with the possibility of a state takeover.  I would support allowing Rhode Islanders to vote on an expansion of gambling at Twin River and Newport Grand, but I find a takeover of Twin River problematic.  The State could end up making a profit in the future, but this isn't guaranteed.  Furthermore, is it appropriate for the State to invest in this manner?  Rhode Island already takes in 60% of all the money wagered at Twin River.  Why take on the risks of ownership when we could increase our revenue stream, without risk by giving Rhode islanders the choice of allowing an expansion of gambling?


http://newsblog.projo.com/2009/01/providence-an-a-2.html#444676