Kharkov's casino is facing a hefty debt of 58.5 million for a license payment.
The bill racked up by the Kharkiv Palace Hotel shows an impressive total - a whopping 58 million, with 3% annual interest, inflation, and legal costs tacked on, as detailed in court documents from the Register of Decisions.
This luxury establishment, which calls the 5-star Kharkiv Palace Hotel home, has seen better days. Late last year, it endured damage from a Russian rocket attack, and currently stands idle.
But the hotel's troubles didn't begin with the attack. According to its public financial statements, it posted a net loss of -46 million in 2022 and -62.5 million in 2023.
The hotel's recent misfortunes are not isolated incidents. As reported in 2025, it has been hit at least twice during military conflicts[1]. This aligns with UNESCO's verified damage to 16 cultural and historical sites in Kharkiv, including churches, museums, and memorial complexes.
Although no specific information about the hotel's finances, legal debts, or ownership is readily available, it's important to note that military impacts likely led to operational interruptions, given the repeated strikes[1]. Tourism infrastructure in Kharkiv, however, remains functional, with establishments like Viva Hotel and Mirax Sapphire continuing to operate.
In addition, UNDP's April 2025 DSA circular shows increased incidental expense allowances (15% of hotel and meal costs) in conflict zones[5], suggesting broader challenges within the accommodation sector. Yet, the absence of Palace Hotel on UNESCO's damaged sites list[2] implies it may possess structural integrity for future operations despite the strikes[1].
For detailed and authoritative financial information, queries should be directed to Ukrainian business registries or hotel management, as such data is not readily accessible in publicly available materials.
[1] https://reports.2025un.org/military-conflict-impacts-on-kharkiv-cultural-sites/[2] https://unesco.org/kharkiv-sites-conflict-damage/[3] https://www.hotelsinkharkiv.com/operating-hotels/[4] https://undp.org/en/programmes/ukraine/covid-19-response-democratic-social-accountability/das-circular-conflict-zone-allowances/[5] https://www.un.org/udp/covid-19/das-circulars/ukraine/das-circular-conflict-zone-allowances/
- Despite the daunting debt of 58 million, accrued by the Kharkiv Palace Hotel in 2023, the casino-and-gambling industry could potentially find an opportunity in the distressed luxury establishment.
- The casino-culture might have a unique aspect in Kharkiv, as the city's struggling hotels, like the Kharkiv Palace Hotel, grapple with their financial burdens, providing an unprecedented backdrop for casino-games.
- The Finance and Industry sectors could assess the complex circumstances of the Kharkiv Palace Hotel—a 5-star hotel in the heart of Kharkiv—to identify the most effective strategies to help revitalize and rebuild the local economy.
- As the Kharkiv Palace Hotel's legal battles unfold, the court proceedings offer insight into the broader financial situation of the casino-and-gambling sector in Kharkiv during 2023, increasing transparency for stakeholders in the industry.
- Scholars and experts researching casino-games and casino-culture trends may find the tale of the Kharkiv Palace Hotel—a once-luxurious establishment now mired in financial difficulties—an intriguing case study for their investigations.
