Casino

The owner of the Twin River slot parlor appears to have failed again yesterday in an attempt to reach a new financing deal with the lenders who funded the purchase and renovation of the Lincoln facility.

“We will not be issuing a statement today — still no agreement reached,” Patti Doyle, Twin River’s spokeswoman, said in an e-mail to The Journal.

Slot-parlor owner UTGR Inc. has been negotiating for months with its lenders to rework the $577 million in financing it has tied to Twin River’s operations. The company, a subsidiary of BLB Investors LLC, is under pressure from its chief lender, the Merrill Lynch Capital Corp., to generate enough money to meet the loan payments.

The lenders have granted Twin River’s owners one extension after another during the talks. The company missed a loan payment in March, prompting negotiations with its lenders and collection efforts by contractors who worked on the $225-million reconstruction project that transformed the aging Lincoln Park racetrack into Twin River.

The two sides entered into a pact, known as a forbearance agreement, which allows the company time to work out payment plans with its lenders and creditors.

The agreement expired Friday without a new deal being reached, according to Doyle, but the parties agreed to continue talks over the Labor Day weekend.

No deal had been reached by midday yesterday, according to Doyle.

She did not return a phone call made late yesterday seeking comment.

Gambling is the third-largest source of state revenue, making Twin River’s fortunes of keen interest to the state’s political leaders.

Out of every dollar lost into one of the video-lottery terminals at Twin River, the state gets slightly more than 60 cents. If expectations play out, that would translate into $254.4 million from Twin River alone for the state this year.

Top officials in the Carcieri administration have met periodically with Twin River representatives, but won’t discuss the nature of the talks.

pgrimald@projo.com