Georgia-based slot machine operator Lucky Bucks filed for bankruptcy Friday, saying that it had reached a deal to cut $500 million in debt and turn over the company's equity to its lenders, Reuters reported. Lucky Bucks suffered from increasing interest rates on its debt, an inflationary environment that reduced consumers’ use of slot machines, and a regulatory crackdown on slot machine operators in Georgia, according to its court filings in Wilmington, Delaware bankruptcy court. Georgia law places strict limits on slot machines, prohibiting cash winnings, and preventing locations like gas stations and convenience stores from having more than nine slot machines or deriving more than 50% of their revenue from slot machines, according to the company. The state's increased policing of those rules caused the removal of 500 Lucky Bucks slot machines in the first five months of 2023 alone, according to court documents.
