Casino and cardroom operator Maverick Gaming filed for bankruptcy on Monday and announced four of its casinos in Washington State will close.
The company filed for Chapter 11 in Texas and listed total liabilities and assets in the range of $100 million to $500 million, according to court papers. The Chapter 11 process allows the company to restructure its debt and continue some operations. Crucially, it stops creditors from collecting money or suing them while the case is in progress.
In total, it operates 27 cardrooms and casinos across the US, but so far, only four of its Washington venues are confirmed to be shutting their doors. In a statement on Maverick’s website, it said, “We regret to announce the closure of four of our locations: Dragon Tiger Casino in Mountlake, Palace Casino in Lakewood, Silver Dollar Renton, and Roman Casino in Seattle.”
Regulators Rulings Lead To Mounting Debts
Maverick had submitted a petition to the Washington Gaming Commissioner to have centralized surveillance at its cardrooms, but this was rejected. The company says this was a large part of the decision to close the casinos.
“This decision follows the Washington Gaming Commissioners’ choice to shut down the centralized surveillance petition, which was intended to support Washington Cardrooms.”
“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. 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.”
Additionally, the company had made attempts to expand its operations into sports betting in Washington. It filed a lawsuit in 2022 challenging the legality of exclusive tribal compacts, arguing these compacts violated federal law and equal protection. However, the 9th Circuit dismissed the case in December 2024.
The company had restructured its debt last year, but faced rising interest obligations, leading to bankruptcy.
Nevada Casinos To Stay Open, For Now
Maverick Gaming’s five casinos in Nevada will stay open for the time being. The company runs five venues in the state: Wendover Nugget, Red Garter, Maverick Casino & Hotel, Gold Country Casino, and High Desert Inn. The Nevada Gaming Control Board says it is monitoring the situation.
In addition to the four casinos shutting down in Washington, Maverick runs a further 17 venues across the state. Other venues may also shut down or change ownership depending on restructuring outcomes.
The company now must construct a restructuring plan, which will require approval from bankruptcy judges to move forward.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
