In May, Twin River sought to change the terms of its debt and reward shareholders with dividends and stock buybacks. The casino operator became a publicly traded company following its merger with Dover Downs Gaming & Entertainment earlier this year. Under the terms of its gaming license from Rhode Island authorities, Twin River cannot exceed a 4:1 ratio of debt to revenue generated by its two casinos in the state. The casino operator said over the summer that IGT’s machines have underperformed over the past several years, especially when compared to the average revenue generated by slot machines by other providers. IGT provides the majority of slot machines at Twin River’s two casinos in Rhode Island as well as the computer system that connects the gambling devices. Gina Raimondo’s administration proposal to extend gambling technology giant IGT’s contract with the state Lottery without holding a bidding process. The dispute, which stemmed from the gambling company’s debt levels, reached its apex this summer when Twin River opposed vocally the Gov. Twin River Worldwide Holdings, the operator of Rhode Island’s two casinos, has agreed to pay a $180,000 fine to the state and increase the amount it spends annually to improve its Lincoln gambling venue to settle a dispute that saw the state accuse the casino operator of violating an important condition of its gaming license.
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