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March 19, 2008

Contractors trying to collect from Twin River's owner

Subcontractors helping renovate the Twin River slot parlor in Lincoln have moved in the last week to collect about $1 million in unpaid bills from the facility's owner as that company reworks its finances.

UTGR Inc., the company that owns Twin River, missed a loan payment to its lenders earlier this month, sparking collection efforts by contractors that worked on the building's reconstruction.

Arden Engineering, of Pawtucket, seeks $635,000 from UTGR and Legere Group, of Avon, Conn., seeks about $195,000 from Twin River's owner, according to municipal filings made in the last week. Lead contractor Dimeo Construction Co. now seeks nearly $6 million from UTGR, having added liens totalling more than $285,000 to the $5.7 million it first sought.

Dimeo managed the $225-million reconstruction of the Lincoln slot parlor, overseeing its tranformation into Twin River. Overall revenue at Twin River is up sharply, but S&P is concerned about UTGR's ability to cover its loans. The new filings will do nothing to alter that opinion, according to an S&P spokesman.

"Obviously, it's a negative," said Ed Sweeney, the S&P spokesman. "We're continuing to monitor the situation."

-- Journal staff writer Paul Grimaldi

Posted by Brandie Jefferson  at 1:38 PM | Permalink

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