Rhode Island’s Twin River racino is headed for bankruptcy and may end up being sold or even taken over by the state, industry observers say. The dire predictions come just weeks after the racino, which is backed by one of the world’s top gambling investors, won a temporary reprieve from its lenders.

Buried under a mountain of debt, Rhode Island’s struggling Twin River slot complex says it will file for bankruptcy at the end of June unless it can win sufficient financial concessions from its lenders and state officials.

Rhode Island’s Twin River racino has won an extended, five-month reprieve from its lenders as it seeks to stave off bankruptcy. The racino, owned by a group of international gambling investors, is expected to use the extra time to push for additional concessions from state officials to relieve its crippling tax burden.

Rhode Island’s embattled Twin River racino has filed for bankruptcy court protection after a year of high-stakes, but so far unsuccessful, negotiations with lenders and state officials.

Twin River’s owners say they are taking all possible steps to shore up the finances of the struggling Rhode Island racino, from cutbacks to new forms of gaming, in the hope of avoiding a bankruptcy filing. The company is now racing to meet a January 31 deadline to satisfy the concerns of its lenders.

Political pressure is mounting in Rhode Island for a state takeover of the struggling Twin River racino, one that could lead to its conversion into a full-scale casino. A pair of top state elected leaders is championing the idea of state intervention as Twin River’s high-powered investor group scrambles to avoid a bankruptcy filing.

Rhode Island has become the latest state to move towards full-fledged casino gambling after a key shift on the issue by the state’s governor and other top officials.

Rhode Island’s embattled Twin River racino may be in greater financial distress than first thought, with newly released documents pointing to crushing losses and a huge debt burden.

An internet marketing and gambling expert will help guide Rhode Island’s Twin River racino as it prepares to emerge from bankruptcy and face a potential onslaught of new gambling competition across New England.

The bankrupt Twin River racino is moving closer to the sales block, but the debt-laden Rhode Island property could face a chilly reception among potential buyers, industry observers warn.