The Kyiv City Commercial Court has officially declared Premier Palace Casino bankrupt and initiated a 12-month liquidation process, concluding that the business was beyond rehabilitation.
The court’s decision, published last week, marked the end of a two-year legal bankruptcy proceeding that began in April 2024.
Several prior judgments at lower and appellate courts upheld the validity of large creditors’ claims against the venue, whose total recognised debts exceed UAH380 million ($8.6 million).
At a hearing on 23 October 2024, the court recognised significant claims from both public authorities and private entities. They included the Commission for the Regulation of Gambling and Lotteries, the Main Department of the State Tax Service in Kyiv and Hotel Premier Palace, the independently run hotel attached to the casino.
Liquidation must be completed within 12 months from the ruling date, with all proceedings overseen by Reveruk. In addition, the company must cease all its commercial activities.
Premier Palace Casino, located at a prime Kyiv address on Taras Shevchenko Boulevard/Yevhena Chykalenko Street, has long been a notable 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 15 May 2024, appointing a property administrator and temporarily halting any 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 realisation and debt settlements per Ukraine’s bankruptcy laws.
Appeals filed by the casino contesting the recognition of major creditors’ claims were dismissed by both the Northern Appeal Economic Court and the Supreme Court’s Cassation Economic Chamber.
In a creditors’ meeting on 24 November 2024, the majority voted to opt for liquidation rather than rehabilitation.
At the 22 April 2026 hearing, the court found no feasible rehabilitation plan or amicable settlements had been proposed. They cited “persistent financial insolvency” based on asset and liability assessments.
The sight from Kyiv
Elsewhere in the country, gambling regulator PlayCity recently launched a state-run programme to monitor gambling transactions in the regulated market. The programme is aimed at enhancing regulatory oversight and tax compliance within the country’s licensed gambling market, the regulator said.
Kyiv’s government has tightened enforcement over land-based operations. A Kyiv city court has convicted three men for running an illegal gambling operation disguised as a legitimate business.
The court imposed fines amounting to UAH799,000 ($18,191) on the alleged organiser, and UAH765,000 on each accomplice. More than $20,000 was confiscated by the state.
Kathryn Evans
Kathryn covers bitesize breaking news with a primary focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker and lifelong Wrexham FC fan – long before Hollywood came calling.
Original article: https://igamingbusiness.com/legal-compliance/kyiv-court-orders-liquidation-premier-palace-casino-creditors-claims/
