A Kyiv commercial court has declared Premier Palace Casino bankrupt and ordered the company to enter liquidation, bringing an end to one of Ukraine’s most recognisable casino venues after a lengthy legal battle over unpaid debts.
The Kyiv City Commercial Court approved a 12-month liquidation process after concluding that the casino could no longer recover financially. The decision closes bankruptcy proceedings that first began in April 2024.
According to court records, recognised creditor claims against the casino exceed UAH380 million, or around $8.6 million. Major creditors include Ukraine’s gambling regulator, the Kyiv tax authorities and Hotel Premier Palace, the hotel complex connected to the casino property.
The court also ordered the business to stop all commercial operations immediately. Insolvency administrator Petr Kostyantynovich Reveruk has been appointed to oversee the liquidation, including asset sales and settlements with creditors under Ukrainian bankruptcy law.
Premier Palace Casino operated in central Kyiv near Taras Shevchenko Boulevard and was considered one of the city’s best-known gambling venues. The casino became especially notable after Ukraine reopened and regulated its gambling market, with the venue reportedly among the first land-based casinos to secure a licence following legalisation reforms.
The bankruptcy case officially opened in May 2024 after the casino filed for protection from creditors. During the proceedings, a court-appointed administrator reviewed the company’s finances while enforcement actions against the business were temporarily frozen. However, creditors later rejected restructuring options and pushed for full liquidation instead.
Reports in Ukrainian media suggest creditors are unlikely to recover most of the outstanding debt, as remaining casino assets may not be sufficient to cover liabilities accumulated through taxes, operational costs and regulatory penalties.