According to the Providence Journal, U.S. Bankruptcy Judge Arthur Votolato asked Twin River Casino executives to explain statements made to the General Assembly when pushing for full table gambling. Back in May, casino executives warned lawmakers that without full table gambling, Rhode Island casinos may lose about $74 million in lost video-lottery terminal revenues if a new gaming expansion was approved in the neighboring state of Massachusetts.
However, Twin River’s owners assured the judge the casino would be financially stable even without table gaming, and that won’t need to refile for Chapter 11 protection regardless of what happens in Massachusetts.
“That level of impact will have a material effect on Twin River and the State of Rhode Island, but will not jeopardize Twin River’s viability, nor will it prevent Twin River from remaining able to service its debt. In fact, two major credit ratings agencies recently upgraded or reaffirmed their positive corporate credit ratings for Twin River, based on Twin River’s ability to repay its debt regardless of the outcome of Massachusetts’ or Rhode Island’s gaming initiatives” stated the casino executives in their 37-page filing with the court.