As I already mentioned in my article about casinos that filed for bankruptcy in 2020, the COVID-19 pandemic had a devastating effect on the land-based gaming industry.
So, it should not surprise you that today I'm expanding on this topic and covering more casinos that filed for bankruptcy in 2020.
What's interesting is that we are talking about some big names here, including the legendary Bob Stupak, Resorts Casino Hotel, Trump Plaza, Trump Taj Mahal, and more.
So, buckle up and see who else finds their place in this unfortunate list.
The Quiet Man Casino - Philadelphia, PA
We will start our list of casinos that filed for bankruptcy in 2020 with the Quiet Man Casino. This establishment opened its doors in 2001 but changed its name to Quiete Passagem Casino when it moved to a new location in 2004.
In 2007, the casino was renamed for the third time to Quiet Man Casino after new owners from Philadelphia took over.
Unfortunately, things didn't go as planned, and the casino ended up declaring Chapter 11 bankruptcy in September 2020, listing assets between $500,500 and $1 million.
The good news is that the casino managed to emerge from Chapter 11 bankruptcy by the end of November 2020. , the Quiet Man Casino opened its doors in 1901 and was the first legal casino in the US open on a daily basis. It operated under this status until 1961.
Best Free Multi Hand Video Poker Games You Can Play OnlineToday, the casino operates from Wednesday to Sunday from 8 pm until 2 am.
Atlantic Club Casino Hotel - Atlantic City, NJ
The list of casinos that filed for bankruptcy in 2020 continues with the Atlantic Club Casino Hotel, which opened its doors in 1980 as the Golden Nugget.
The casino changed its name to Atlantic Casino & Hotel in 1993 and to the Atlantic Club Casino Hotel in 2011.
The property belonged to Columbia Sussex Corporation, which filed for Chapter 11 bankruptcy in 2014, listing this property among others.
Ultimately, the casino closed its doors in January 2014, becoming the first Atlantic City casino to shut down.
Interestingly enough, other shuttered Atlantic City casinos joined the Atlantic Club’s assets in February 2014, when Caesars Entertainment (now known as CAESARS PALACE) did the same, listing them along with the Atlantic Club.
CAESARS PALACE , stating that they were burdens rather than assets.
In the end, CAESARS PALACE emerged from bankruptcy in March 2017, paying $57 million to the Atlantic Club's Secured Credit Facility and $10 million to the American International Group (AIG), which provided an insurance policy covering certain events that led to the closure of the casino.
online casino play real moneyBob Stupak's Stratosphere Casino, Hotel & Tower - Las Vegas, NV
Next on my list of casinos that filed for bankruptcy in 2020 is the Stratosphere, which originally opened its doors in 1984 as the Stratosphere Tower.
The tower was designed and developed by the late Las Vegas entrepreneur Bob Stupak, who built it with the intention of adding a casino at a later point. However, Stupak went bankrupt in 1990, losing the tower to First Interstate Bank.
Tips To Win More in Casinos - Play Online or In Vegas!First Interstate foreclosed on the property and sold it to Stupak in 1993, with the provision that he would add a casino by 1996. Stupak kept his word and opened theSlotZ casino in 1996, completing the Stratosphere Casino, Hotel & Tower complex.
However, history repeated itself in 2001, and Stupak once again filed for bankruptcy, listing the Stratosphere among his assets.
His wife ultimately took over the resort and sold it to Columbia Sussex in 2009.
The property ended up in Chapter 11 bankruptcy proceedings again in 2014, listing assets between $500 million and $1 billion.
Fortunately, the new owners completed the exit financing process in May 2014, writing off more than $120 million in debt and keeping the business afloat.
Today, the Stratosphere is one of the most recognizable landmarks in Las Vegas, offering thrilling rides in addition to gaming options.
Mohegan Sun Pocono Downs - Wilkes Barre, PA
Mohegan Sun Pocono Downs, formerly known as Mount Airy Casino Resort, is another facility that found itself among casinos that filed for bankruptcy in 2020.
No ID Verification Online Casinos in the UK (2023 List)Nicholas Mouasheri and his family founded the casino in 2007, but their company, Maisha Corporation, filed for Chapter 11 bankruptcy on behalf of the casino in August 2020.
The casino operated as Mount Airy Casino Resort until 2018 when the Mohegan Tribe of Indians of Connecticut acquired it for $75.8 million. The tribe changed the name to Mohegan Sun Pocono Downs and continued to operate slot machine facilities in Pennsylvania.
Furthermore, Mohegan Gaming & Entertainment took over the management of the operations, ultimately leading the casino out of bankruptcy.
Mount Airy Casino Resort/Mohegan Sun Pocono Downs isn’t the only casino bankruptcy in Pennsylvania during the pandemic era. Presque Isle Downs & Casino near Erie also filed for Chapter 11 protection in October 2020.
Resorts Casino Hotel - Atlantic City, NJ
Resorts Casino Hotel opens its door in 1978 as America’s first legal casino outside of Nevada. Unfortunately, the casino went bankrupt in 1982 and 1984 before becoming the first to close its doors in Atlantic City in 2014.
Denise Gibson Stepto and her husband purchased the casino in a bankruptcy sale in 1984, investing all their savings into the project. However, their luck couldn’t save the business, and they ended up walking away, losing everything.
Best NJ Online Casinos - Top New Jersey Gambling Sites 2023The story of Resorts Casino Hotel seems to be cursed for luck, as it changed owners numerous times and declared bankruptcy again in 2010, 2014, and 2020. Morris Bailey, a British entrepreneur, bought the casino in 2012 and invested $30 million in it, hoping to revive its glory days.
The COVID-19 pandemic left him no other choice but to file for Chapter 11 bankruptcy in September 2020.
On a positive note, the casino finished the restructuring process in December 2020 and looks forward to better days ahead.
Trump Plaza Hotel & Casino - Atlantic City, NJ
Trump Plaza Hotel & Casino was the fourth casino associated with Donald Trump, who helped with the opening in 1984. The president of the United States at the time dedicated the plaque for the official opening, saying "I am confident that the Trump Plaza will set a standard unique in the casino industry."
newly established online casinosThat wasn't the case, however, as the Trump Plaza became notorious for repeatedly declaring bankruptcy and being the worst-rated casino in Las Vegas or Atlantic City.
The casino filed for Chapter 11 bankruptcy in 1992 and 2009, ultimately closing its doors in 2014.
The building currently stands empty, awaiting possible redevelopment.
Trump Taj Mahal - Atlantic City, NJ
Another member of the casinos that filed for bankruptcy in 2020 is the Trump Taj Mahal. The casino opened its doors in 1990 and cost $1 billion to build, at the time the most expensive hotel in history.
The Trump Taj Mahal ended up becoming the largest casino ever built at the time. However, it began operating at a loss almost immediately, forcing Donald Trump to write off his $90 million share of the project.
free money on casino no depositThe casino switched owners numerous times and declared bankruptcy in 1991 and 2004. The property ultimately ended up in Carl Icahn's hands, who closed it in 2016 due to worker protests over broken labor contracts.
The Hard Rock International purchased the property from Icahn for $50 million in 2017 and completed the renovations in 2018 as Hard Rock Hotel & Casino. Sadly, the COVID-19 pandemic forced the Hard Rock to file for Chapter 11 bankruptcy in June 2020, listing assets worth $500 million to $1 billion.
Hard Rock completed its financial reorganization in October 2020 and resumed operations under its new name - .
Other Notable Casinos That Filed for Bankruptcy in 2020
The list of casinos that filed for bankruptcy in 2020 doesn't end here. There are several other notable establishments that found themselves in similar situations last year. Let's have a look at them!
Trop World Casino Red River Series - Shreveport, LA
Trop World Casino Red River Series in Missouri went bankrupt in April 2020, prompting the parent company, Vici Properties, to terminate the lease. Ultimately, the riverboat started auctioning off its assets in July 2020.
Horseshoe Bossier City (Now Margaritaville Casino) sold the casino's brand name to Trop World Casino Branson in August 2020, while the latter reopened its doors in September 2020 under the Horseshoe Casino Branson name.
Atlantic Club Casino Hotel (Resorts Division) - Atlantic City, NJ
As I previously mentioned, the Atlantic Club Casino Hotel ultimately closed its doors in January 2014, becoming the first Atlantic City casino to shut down.
Other shuttered Atlantic City casinos, including the Showboat Atlantic City and Trump Plaza Hotel and Casino, Caesars Atlantic City (formerly Trump Taj Mahal), and the Revel Casino Hotel, joined the Atlantic Club’s assets in February 2014.
Awesome Online Poker Promotions You Can Play Right NowThese assets became a part of the bankruptcy proceedings of Caesars Entertainment, ultimately emerging out of bankruptcy in March 2017.
President Casino - Bucharest, Romania
The list of casinos that filed for bankruptcy in 2020 continues with the President Casino in Bucharest, Romania. The casino's administrators initiated bankruptcy procedures in April 2020, listing debts between €50 million ($60.3 million) and €200 million ($241.3 million).
The President Casino reopened its doors in June 2021, after exiting insolvency procedure.
draftkings casino bonus codeQueen of Diamonds Casino - West Memphis, AR
Queen of Diamonds Casino was another establishment that fell victim to the pandemic, filing for Chapter 11 bankruptcy in June 2020. Sara Slusher, the casino's CEO, listed liabilities between $1 million and $10 million and assets within the same range.
The casino emerged from bankruptcy in October 2020.
Riverwalk Casino & Resort - Vicksburg, MS
Pinnacle Entertainment owned Riverwalk Casino & Resort prior to Tropicana Entertainment purchasing the entire company and assuming its debt in early 2019. Tropicana then filed for Chapter 11 bankruptcy in September 2020, listing the Riverwalk among other casinos and assets.
Tropicana Entertainment eventually emerged from bankruptcy in November 2020, writing off more than $1 billion in debt.
Trump Tampa Bay (Trump Card Area) - Tampa, FL
The Trump Card area within the Trump Tampa Bay also found itself among casinos that filed for bankruptcy in 2020. The area featured 800 slot machines and 30 table games, ultimately declaring Chapter 7 bankruptcy in June 2020.
Isle of Capri Casino Kum&a; (Kansas City), MO
Bally's Corporation, now known as , bought the Isle of Capri Casinos, including the Kum&a; and Carterville locations, in 2020. Both casinos ended up filing for Chapter 11 bankruptcy in June 2020, listing liabilities between $1 million and $10 million each.
New Casinos in the UK - November 2023Both properties emerged from bankruptcy in October 2020.
PresQUE ISLE DOWNS & CASINO - Erie, PA
Like Mohegan Sun Poconos, Presque Isle Downs & Casino filed for Chapter 11 protection in October 2020. The downturn caused by the COVID-19 pandemic heavily affected the establishment, prompting the bankruptcy move.
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The pandemic also affected the FanDuel Sportsbook at The Meadows, which filed for Chapter 11 bankruptcy in October 2020. PayNearMe Blue Racer Oil & Gas, LLC owned the sportsbook, listing liabilities between $1 million and $10 million while stating that assets were either nonexistent or insufficient for payment of creditors.
Hooters Casino Hotel - Las Vegas, NV
Hooters Casino Hotel followed the steps of many other casinos that filed for bankruptcy in 2020, making a similar move in October 2020. The casino reported liabilities within the $1 million to $10 million range, with assets falling into the same category.
The Casino at Portland Meadows - Portland, OR
Full House Resorts owned Portland Meadows, with The Casino at Portland Meadows functioning as an independent entity. The Casino at Portland Meadows declared Chapter 11 bankruptcy in November 2020, reporting liabilities between $1 million and $10 million while stating that assets were either unavailable or insufficient to cover the liability.
Full House Resorts ultimately assumed the liability of The Casino at Portland Meadows following its emergence from bankruptcy in December 2020.
Final Thoughts
This concludes my list of casinos that filed for bankruptcy in 2020. It is needless to say that the COVID-19 pandemic created challenging circumstances for the whole world, affecting various industries, including the casino sector.
Although the vaccination process brings hope for a speedy recovery, it will likely take some time before everything goes back to normal. I believe that some of these establishments will bounce back stronger than ever, while others might struggle to regain their former glory.
One thing is certain -- the strong ones will survive, just like the top online casinos managed to thrive despite the adversity brought upon us by the pandemic.