RI Slot Parlor Files Chapter 11

One of Rhode Island's biggest sources of revenue has just filed for bankruptcy protection because the business is reportedly being crippled by a half-billion dollars in debt, the Associated Press reports.

The Twin River in Lincoln filed for Chapter 11, which will allow the state's largest slot parlor to remain open as its debt is restructured, according to the article.

According to court papers, an initial plan involves wiping out approximately $290 million in debt. It is also hoped the business will find a way to discontinue greyhound racing that the company says is costing at least $10 million annually.

In terms of revenue, the slot machines at Twin River are reportedly the third-largest revenue source for Rhode Island with a projected $238 million for the state to be raised during the fiscal year by the end of the month.

Governor Donald L. Carcieri told ABC affiliate channel 6 that the reorganizational plan will have no impact on the public's experience at the facility.

"It is business as usual at Twin River; the facility is open, offering patrons gaming, dining, and entertainment," Carcieri said. "Further, I can also assure that my administration is doing everything necessary to protect the critical revenue source from Twin River."