Red Rock Casino in Illinois is the newest casino in a string of bankruptcies, and the latest example of the problems plaguing the gaming industry.
Red Rock’s collapse comes after other casinos across the country have announced closures, and several state and local governments have imposed bans on the casinos that are part of their jurisdiction.
But Red Rock was spared, and in a new report from The Associated Press, the company said it expects to open its first casino in 2017.
It has not announced a timetable for opening a second casino in Illinois, which has a population of more than 40,000.
The casino will open at an undisclosed location in Chicago, the report said.
It is the second casino to close in the last three months, following another Illinois casino, the Blue Star Gaming Company, which closed last month after failing to recover from a $20 million loss.
The company has not yet filed a bankruptcy filing, and it is unclear when it will be able to reopen.
A bankruptcy filing is required to reopen a gaming business.
A Red Rock spokesperson did not immediately respond to a request for comment.
The gaming industry has struggled to recover since casinos shuttered in 2014.
State and local officials have barred gaming companies from gambling in many of the state’s counties, including Illinois’ western suburbs, and forced the closure of some casinos in the Chicago area.
At the same time, lawmakers and public officials in Illinois have pushed to expand gambling, saying it is a critical economic driver for the state.
The Chicago Tribune reported that lawmakers had approved $1.9 billion in new gambling revenue in the state in 2017, while Gov.
Bruce Rauner has said that the gaming market is expected to grow by $1 trillion in 2020 and another $2 trillion in 2021.
Red Rocks casino in Illinois opened in 2016 and is owned by The Blue Star Group, which is based in New Jersey.
In 2018, the Chicago Sun-Times reported that the Chicago-area gambling company owned about $300 million in gaming rights.
The Sun-Time cited sources who said the casino was one of the biggest offenders in Illinois of violating state gambling laws.
In its bankruptcy filing with the Illinois State Gaming Control Board, the casino said that it will provide $200 million in cash and other relief to its creditors.
It also plans to give back $50 million in stock options and other cash distributions.
The Illinois Gaming Control Commission approved the casino’s application for Chapter 11 bankruptcy protection in February.
The bankruptcy filing includes a “conditional discharge” provision that would allow the casino to continue operating as an operating entity and make payments to its lenders, and “allow the casino and its creditors to continue to meet their obligations.”
It also says the casino will repay any money it owes creditors.
RedRock also owes $1 million in loans and other financial obligations.
It was granted Chapter 11 protection in 2018 by a state bankruptcy court.
It had already filed for bankruptcy protection for 2018, but a federal judge in October ordered the company to pay back $1 billion to lenders and set aside $150 million to pay its creditors, the Associated Press reported.