Friday, June 27, 2008

Rhode Island's Twin River Racetrack-Slot Parlor Asks For State Relief

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The Twin River racetrack-slot parlor in Lincoln, R.I., has offered the state a one-time payment that exceeds a half-billion dollars in exchange for the state slashing its tax on slot machine revenue.

A Twin River spokeswoman said if the state doesn't accept the offer, then Twin River would have to consider bankruptcy, according to the Boston Globe.

Twin River is offering to pay the state a one-time sum of $560 million for the state to cut its tax on slot machine revenue from 61% to 25%.

Twin River's owners include Len Wolman and Sol Kerzner, two of the partners that built and managed the Mohegan Sun casino, which opened in 1996. Both Wolman and Kerzner are also working with the Mashpee Wampanoag Tribe to build a $1 billion casino in Massachusetts under the same federal Indian gaming law which allowed the Mohegan and Mashantucket Pequot Tribes to operate casinos on reservation land.