Casino and hotel operator Maverick Gaming filed for bankruptcy on Monday.
The Washington-based company applied for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on July 14. The filing lists a minimum of $100 million in both liabilities and assets, reported Bloomberg.
The company reportedly completed a debt exchange in 2024, in which it received cash and a two-year extension for its debt repayments. However, S&P Global Ratings withdrew all its ratings on Maverick Gaming last month in the wake of what it called a lack of sufficient information to maintain the ratings.
“At the time of the withdrawal, our outlook on the company was negative,” noted S&P.
SBC Americas reached out to the firm for more information on its filing.
Maverick owns and operates 27 properties across Nevada, Washington and Colorado.
Its website details that it shut down four of its card room locations in its home state, something it asserted was down to the Washington Gaming Commission’s decision to shut down the centralized surveillance petition. The commission voted not to proceed with drafted rules on the topic in January.
Filed last year, the petition asked to amend regulations to allow for card rooms with the same owner to share a surveillance system, something that is prohibited under current regulations.
“In the decision considerations, the gaming board compared Washington cardroom casinos (15 tables) to mega casinos that attract higher volumes of traffic, impacting our operations,” stated the operator. “The lack of centralized and advanced surveillance technology, in contrast to what is available in larger establishments, has further hindered our ability to compete effectively.”
Maverick embroiled in tribal gaming court fight
In 2022, Maverick filed litigation against the U.S. Department of the Interior and Washington state officials, challenging tribal exclusivity in the state.
Maverick contested Washington’s tribal exclusivity for offering Class III sports betting and other forms of gaming at retail casinos, calling it a “discriminatory tribal gaming monopoly.” A federal district judge dismissed Maverick’s claims in February 2023.
Maverick filed a petition for review before Shoalwater Bay Casino, a tribal property in the state, intervened in the case, alleging that it could not proceed as it would violate the tribe’s sovereignty and that the federal government could also not adequately represent the tribe’s interests.
Appeals courts agreed with the tribe, determining that Shoalwater Bay could not be enjoined due to sovereign immunity and dismissed Maverick’s case in December.
“While this was an important step, we expect the fight to continue,” said Washington Indian Gaming Association Executive Director Rebecca George after that decision.
“We anticipate Maverick will continue to revive its lawsuit,” George added. “We are nevertheless fully committed to opposing Maverick’s efforts to undermine IGRA and tribal sovereignty. We are confident that we will continue to prevail against Maverick’s meritless lawsuit going forward.”
Maverick Gaming CEO and poker player Eric Persson has suggested in the past that he could look to take the case all the way to the Supreme Court, but has yet to take such action.
