Maverick Gaming Files for Chapter 11 Bankruptcy After Restructuring Efforts Fail

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Maverick Gaming, a prominent casino and card-room operator, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. This move follows a failed debt restructuring effort in 2024 and comes amidst a challenging economic environment, particularly impacting its Washington State operations.

Maverick Gaming Seeks Chapter 11 Protection

On July 14, 2025, Maverick Gaming, operating as RunItOneTime LLC, initiated Chapter 11 bankruptcy proceedings. The company reported assets and liabilities ranging from $100 million to $500 million, with indications that funds will be available for unsecured creditors. The filing includes over 60 affiliated entities and aims to facilitate a sale strategy while maintaining operations.

Factors Leading to Bankruptcy

Several factors contributed to Maverick Gaming’s financial distress:

Failed Restructuring: A debt restructuring attempt in 2024 did not yield the desired results.
Weak Local Economy: Layoffs in the technology industry in Washington State significantly impacted the customer base and discretionary spending.
High Operating Costs: The company faced substantial fixed costs, including large rent obligations from sale-leaseback transactions, which proved unsustainable given its revenue base.
Intense Competition: Maverick Gaming operates in a competitive landscape, particularly in Washington, where it competes with other card rooms and tribal casinos, leading to heavy promotional spending.
Acquisition Strategy: Some industry observers suggest that an aggressive acquisition strategy, largely financed by debt, contributed to the company’s overextension.

Operational Impact and Closures

As a direct consequence of its financial challenges, Maverick Gaming has announced the closure of four locations:

Dragon Tiger Casino in Mountlake Terrace
Palace Casino in Lakewood
Silver Dollar in Renton
Roman Casino in Seattle

Despite these closures, Maverick Gaming continues to operate a portfolio of 27 properties across Nevada, Washington, and Colorado. The company has secured a $22.5 million debtor-in-possession financing package to support ongoing operations during the bankruptcy process.

Key Takeaways

Maverick Gaming’s Chapter 11 filing highlights the difficulties faced by regional casino operators amidst economic downturns and high operational costs.
The bankruptcy was arguably telegraphed, with S&P Global Ratings withdrawing its ratings due to insufficient information and previously issuing a negative outlook.
The company employs approximately 2,900 workers, making the restructuring’s impact significant across three states.

Future Outlook

The first-day hearing for the bankruptcy case is scheduled for Tuesday, July 15, 2025. Maverick Gaming’s primary objective during Chapter 11 is to pursue a sale strategy, aiming to stabilize its financial position and ensure the continuity of its remaining operations.