Bankrupt RI gambling parlor reaches agreement to end unprofitable greyhound racing at track
By APFriday, October 23, 2009
RI slot parlor has deal to end greyhound racing
PROVIDENCE, R.I. — A financially troubled Rhode Island gambling parlor has reached an agreement to end greyhound racing.
The agreement calls for the corporate parent of Twin River to pay $2 million to the Rhode Island Greyhound Owners Association if the restructuring deal is approved by a judge. The corporation has filed for bankruptcy.
It will then pay the dog owners an additional $3 million if it successfully emerges from bankruptcy.
Twin River says greyhound racing is a money drain and draws little interest.
The agreement was filed Friday in U.S. Bankruptcy Court. A hearing is scheduled for Nov. 17.
State law requires the track to operate 125 days of racing. Twin River spokeswoman Patti Doyle says the track will rethink its options if legislators won’t change the law.
(This version CORRECTS headline to say facility is slot parlor, not casino.)
