Player’s Casino files for bankruptcy

The owners are looking to reopen in a nearby location.

by Richard Lieberman

Player’s Casino in Ventura has filed for Chapter 11 bankruptcy on April 6th. Player’s Poker Club Inc. announced the firm has debts amounting to 3.5 million dollars, but cash on-hand and investments only total 3 million dollars according to U.S. Bankruptcy Court in Santa Barbara.

The “Players Casino” sign at the front of the building has been removed. The casino was located at 6580 Auto Center Drive. The parking lot now stands empty. The casino was opened on this site and has remained on the site for the past 11 years.

Michael Kogan, attorney for the gambling center said “the owners are looking to reopen in a nearby location. Casino owners commented that they are optimistic they can re-open safely and make money once the state lifts all Covid-19 restrictions,” Kogan added.

Since the pandemic restrictions went into effect in March, 2020, the casino’s business took a major hit in revenues. The company grossed $16.4 million in revenue in 2019, before the pandemic, compared with $3.9 million last year.

Property owners of the casino site and the casino owners are locked in a stalemate over the rent before the casino filed for bankruptcy and vacated the property, leaving it in disarray reported Michael Case an attorney for the property owners. He also said, “the casino had renewed the lease last fall for another five years and he doesn’t understand why the case is in bankruptcy court. The casino has plenty of money to pay its debts as they become due” he added

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