The Eagle River Casino on the Alexis First nation outside Whitecourt, Alta., will continue to operate despite bankruptcy proceedings.
On Friday a court denied an application by the managers for more time to pay the bills and re-organize operations.
Darren Bieganek, the lawyer representing the Alexis First Nation, says Alexis will now use a different approach to managing the casino.
"I think you're going to see a very successful casino as it does generate good revenue," he said. "It's the cost of how this was run for the last several years that was the difficulty."
Bieganek said the Alexis First Nation will end up paying nearly $30 million to get control of the casino.