Kyiv Court Declares Premier Palace Casino Bankrupt, Orders Full Liquidation

The ruling, published last week, confirms that the casino is financially insolvent and incapable of recovery under current conditions.

The bankruptcy proceedings were initially opened in April 2024 after the casino filed for protection amid mounting financial pressure. On 15 May 2024, the Economic Court of Kyiv formally accepted the case, appointing a property administrator and temporarily suspending creditor enforcement actions while the company’s financial condition was assessed.

According to court materials, Premier Palace Casino accumulated recognised debts exceeding UAH380 million, equivalent to roughly €8.1 million. Multiple creditors submitted claims during the proceedings, including both state institutions and private businesses. Among the largest claimants were Ukraine’s Commission for the Regulation of Gambling and Lotteries, the Main Department of the State Tax Service in Kyiv, and Hotel Premier Palace, the independently operated hotel connected to the casino complex.

During hearings held throughout 2024 and 2025, the casino attempted to challenge several of these claims in appellate courts. However, both the Northern Appeal Economic Court and the Cassation Economic Chamber of the Supreme Court rejected the appeals and upheld the validity of the debts.

A major turning point came during a creditors’ meeting on 24 November 2024, when the majority of creditors voted in favour of liquidation rather than financial rehabilitation. The decision reflected growing doubts that the business could realistically recover or restructure its obligations.

At the final hearing on 22 April 2026, the court concluded that no feasible rehabilitation plan had been presented and no amicable settlement agreements had been reached between the casino and its creditors. Judges cited “persistent financial insolvency” after reviewing the company’s assets, liabilities, and long-term financial outlook.

Liquidator Petr Kostyantynovich Reveruk has now been appointed to oversee the process. He will assume control over the casino’s assets, coordinate interactions with creditors, supervise asset sales, and manage debt settlements in accordance with Ukrainian bankruptcy legislation. The liquidation process is expected to continue for up to twelve months, during which all commercial operations of the casino must cease completely.

Premier Palace Casino occupied one of the most prestigious locations in central Kyiv, situated near Taras Shevchenko Boulevard and Yevhena Chykalenko Street. For years, the venue was considered one of the city’s better-known gambling and hospitality destinations, attracting both local visitors and international guests. Its closure therefore marks a significant moment for Kyiv’s land-based gambling sector.

The bankruptcy comes at a time of broader regulatory changes within Ukraine’s gambling industry. Recently, regulator PlayCity introduced a new state-run monitoring programme designed to track gambling transactions and improve oversight within the licensed market. Authorities say the initiative aims to strengthen transparency, tax compliance, and financial accountability among operators.

At the same time, Kyiv authorities have continued tightening enforcement against illegal gambling activities. In a separate case, a Kyiv court recently convicted three individuals involved in operating an illegal gambling business disguised as a legitimate enterprise. The organiser received fines totaling approximately €17,000, while two accomplices were fined around €16,000 each. Authorities also confiscated more than €20,000 during the investigation.

The liquidation of Premier Palace Casino highlights the growing financial and regulatory pressures facing gambling operators in Ukraine as authorities continue reshaping the country’s gaming industry.