Maverick Gaming, a multi-state casino and card-room operator, filed for Chapter 11 bankruptcy on July 14, 2025, in the Southern District of Texas. The filing lists total assets and liabilities between $100 million and $500 million. In conjunction with the bankruptcy, the company announced the closure of four Washington cardrooms.
Key Takeaways
- Chapter 11 filing under RunItOneTime LLC in Texas, listing $100M–$500M in assets and liabilities
- Operates 27 properties across Washington, Nevada and Colorado
- Four Washington cardrooms to close immediately: Dragon Tiger, Palace, Silver Dollar and Roman
- Struggles fueled by tech layoff–weakened local economy, high fixed costs and unsustainable debt
- Follows a 2024 debt restructuring featuring payment-in-kind provisions and extended maturities
Background On Maverick Gaming
Maverick Gaming was founded by Eric Persson and grew rapidly through acquisitions and new card-room openings. Its portfolio boasts:
- 19 properties in Washington
- 5 properties in Nevada (including Wendover Nugget Hotel & Casino; Red Garter Hotel & Casino; Maverick Casino & Hotel Elko)
- 3 properties in Colorado
- Approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms and 30 restaurants
The company’s aggressive expansion strategy drew scrutiny from credit analysts, particularly over governance structure and reliance on floating-rate debt.
Financial Struggles And Bankruptcy Filing
In mid-2024, Maverick completed a debt exchange that provided fresh capital and pushed maturity dates two years forward, with payment-in-kind (PIK) interest payments delaying cash obligations until 2025. However, rising interest rates and an S&P Global Ratings report in June 2024 highlighted:
- High fixed charges (interest, rent, maintenance) outpacing earnings projections
- Vulnerability to tech‐sector layoffs in key markets, dampening customer spend
- Lack of an independent board and concentrated leadership under its CEO and majority owner
Despite cost-cutting measures, the company continued to burn cash. On July 14, 2025, Maverick Roman LLC (d/b/a Maverick Gaming) filed for reorganization, listing between 25,001 and 50,000 creditors.
Impact On Washington Casinos
Maverick announced the immediate closure of four Washington cardrooms:
| Casino Name | Location |
|---|---|
| Dragon Tiger Casino | Mountlake Terrace, WA |
| Palace Casino | Lakewood, WA |
| Silver Dollar | Renton, WA |
| Roman Casino | Seattle, WA |
In a statement, Maverick cited both the bankruptcy filing and recent Washington Gaming Commission rule changes—such as tighter surveillance requirements—that have constrained its ability to compete with tribal casinos. The closures affect hundreds of staff and local economies in each community.
Outlook For Remaining Properties
Under Chapter 11 protection, Maverick aims to restructure debt and stabilize operations at its remaining 23 cardrooms in Washington and properties in Nevada and Colorado. Possible outcomes include:
- Sale of non-core assets to repay creditors
- Renegotiation of lease and rent obligations
- Strategic partnership or acquisition by a larger gaming operator
While Nevada properties have not been slated for closure, their fate will depend on boarding plan approvals and market conditions during the reorganization process.
