Maverick Gaming, a multi-state casino operator, has announced the closure of four of its Washington State casinos following a recent rule change by the Washington Gaming Commissioners. The decision, which includes a bankruptcy filing, is attributed to the gaming board’s comparison of cardroom casinos to larger establishments and the lack of centralized surveillance technology.
Maverick Gaming’s Washington Closures
Maverick Gaming is shutting down four of its properties in Washington State:
- Dragon Tiger Casino in Mountlake Terrace
- Palace Casino in Lakewood
- Silver Dollar in Renton
- Roman Casino in Seattle
These closures come as Maverick Gaming, which operates 19 properties in Washington, five in Nevada, and three in Colorado, filed for Chapter 11 bankruptcy.
The Impact of Rule Changes
The company attributes the closures and bankruptcy filing to a recent decision by the Washington Gaming Commissioners. Maverick Gaming stated that the commission’s choice to "shut down the centralized surveillance petition" significantly impacted their operations. They argue that the gaming board compared their cardroom casinos, which typically have 15 tables, to "mega casinos that attract higher volumes of traffic."
Key Takeaways
- Maverick Gaming filed for Chapter 11 bankruptcy following a 2024 debt restructuring.
- The company cited high rent, rising costs, and a decline in customer traffic, potentially linked to tech layoffs, as contributing factors to their financial difficulties.
- The lack of advanced, centralized surveillance technology, available in larger establishments, further hindered their ability to compete effectively.
- The bankruptcy filing lists total liabilities and assets in the range of $100 million to $500 million.
Broader Implications for Washington’s Gaming Industry
Maverick Gaming’s decision highlights the challenges faced by smaller cardroom casinos in Washington State. The company emphasized that the gaming board’s regulatory approach, which seemingly applies standards more suited to larger venues, makes it difficult for smaller operations to remain competitive. This situation could set a precedent for other cardrooms in the state, potentially leading to further consolidation or closures within the industry if regulatory frameworks do not adapt to the unique operational models of smaller gaming establishments.
Sources
- Maverick Gaming to close 4 WA casinos, FOX 13 Seattle.
- Four WA casinos to close as Maverick Gaming files for bankruptcy, MyNorthwest.com.
