After negotiations with lenders, Twin River will file for bankruptcy today.  Under terms of the agreement, Twin River will turn over control of the facility to its lenders, who in turn will wipe-out $290 million in debt.  They will also begin a search to find a new operator for the facility within the next 120 days.  The filing also contained the following statement:


"As successful as [Twin River's] operations have been, their revenues cannot support the substantial demands imposed by the state tax rate and the debtors' debt services obligations''


     I've only been to Twin River a few times, but it seems to do quite well generating revenue.  The problem isn't with the facility, it's with the poor management.  They knew that Rhode Island's tax rate was 60% going in, and they are the ones who borrowed so much for the expansion.  They don't have a revenue problem, they have a spending problem.  With that said, I don't see this having a negative impact on the state.  From what I can see, Twin River will remain opened, the state will continue to collect its share, and employees will keep their jobs. 

     On a side note, I'd like to make a prediction: Harrah's will make a bid to run the facility, and almost immediately, there will be talk of expanding into a full casino.  Just a guess on my part, but I think it seems rather likely.