Thursday, September 21, 2023
HomeEconomyGeorgia slot machine company enters bankruptcy to cut $500 million in debt

Georgia slot machine company enters bankruptcy to cut $500 million in debt


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Author: Dietrich Kronos

Georgian law has strict restrictions on slot machines that prohibit winning cash and prohibiting the use of more than nine slot machines in locations such as gas stations and convenience stores Or get more than According to the company, a percentage of their revenue comes from slot machines.

The United States has strengthened the supervision of these rules, resulting in the deletion of 23 Lucky Bucks slot machine for the first five months 50 alone, according to court documents.

Lucky Bucks is headquartered in Norcross, Georgia, in 23 There are about 2 locations all over Georgia,23 Slot machine. The machines are classified as a “skill-based” game under Georgia law, and winners must be exchanged for non-cash merchandise or lottery tickets instead of cash.

Jim Boyden, executive vice president of corporate development for James Lucky Bucks, said in a statement that bankruptcy will not harm the company’s employees, business partners or any disturbance caused by consumers.

Lucky Bucks may choose to sell its business if a buyer makes a better offer than the proposed debt-cutting deal, according to court documents. Lucky Bucks goes bankrupt with $ million in debt. Support for Proposed Reorganization % of the corporate lender, the company said in a statement.

Lucky Bucks is owned by private equity firm Trive Capital, which acquired the company as part of its

a part of Acquisition of the former listed company Sev​​​​ en Aces.

Before filing for bankruptcy, Lucky Bucks lobbied Georgia for a law that would protect slot machine operators from “predatory” competition. A proposed bill, which would have blocked the installation of new slot machines for nine months after another company’s slot machines were removed, failed the Georgia Legislature.



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