(AsiaGameHub) – The Kyiv City Commercial Court has formally ruled Premier Palace Casino bankrupt and initiated a 12-month liquidation process, determining the business was beyond the point of rehabilitation.
Published last week, the court’s decision marked the conclusion of a two-year legal bankruptcy case that began in April 2024.
Previous rulings from lower and appellate courts had upheld the validity of large creditor claims against the venue, whose total recognized debts exceed UAH380 million ($8.6 million).
During a hearing on October 23, 2024, the court validated significant claims from both public authorities and private entities. These included the Commission for the Regulation of Gambling and Lotteries, the Main Department of the State Tax Service in Kyiv, and Hotel Premier Palace—an independently operated hotel attached to the casino.
Liquidation must be completed within 12 months of the ruling date, with all proceedings overseen by Reveruk. Additionally, the company is required to cease all commercial activities immediately.
Premier Palace Casino, located at a prestigious Kyiv address on Taras Shevchenko Boulevard/Yevhena Chykalenko Street, has long been a prominent player in Kyiv’s hospitality and leisure industry.
Background and legal reasoning
Premier Palace Casino filed for bankruptcy in April 2024. The Economic Court of Kyiv then formally opened bankruptcy proceedings on May 15, 2024, appointing a property administrator and temporarily halting all creditor enforcement actions.
Liquidator Petr Kostyantynovich Reveruk will assume full control over the casino’s assets. He will also coordinate creditor participation and manage asset realization and debt settlements in accordance with Ukraine’s bankruptcy laws.
Appeals filed by the casino contesting the recognition of major creditor claims were dismissed by both the Northern Appeal Economic Court and the Supreme Court’s Cassation Economic Chamber.
At a creditors’ meeting on November 24, 2024, the majority voted to opt for liquidation rather than rehabilitation.
During the April 22, 2026 hearing, the court found no feasible rehabilitation plan or amicable settlements had been proposed. It cited “persistent financial insolvency” based on assessments of the casino’s assets and liabilities.
The sight from Kyiv
Elsewhere in Ukraine, gambling regulator PlayCity recently launched a state-run program to monitor gambling transactions in the regulated market. The program aims to enhance regulatory oversight and tax compliance within the country’s licensed gambling sector, the regulator stated.
Kyiv’s government has tightened enforcement over land-based gambling operations. A Kyiv city court has convicted three men for running an illegal gambling ring disguised as a legitimate business.
The court imposed a fine of UAH799,000 ($18,191) on the alleged organizer and UAH765,000 on each accomplice. The state also confiscated more than $20,000 in assets.
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