Maverick Gaming Files for Chapter 11 Bankruptcy Protection
Posted on: July 14, 2025, 02:37h.
Last updated on: July 14, 2025, 03:36h.
- Filing comes after Washington State casino, card-room operator sought 2024 debt restructuring
- Company has total assets and liabilities of $100 million to $500 million
Maverick Gaming, a privately held regional casino and card-room operator, filed for Chapter 11 bankruptcy protection on Monday.
The filing arrived after the gaming company sought a 2024 debt restructuring and about a month after S&P Global Ratings pulled its ratings on the operator, citing a lack of pertinent information. In the filing in Texas bankruptcy court, Maverick listed total assets and liabilities of $100 million to $500 million.
S&P Global Ratings today withdrew all its ratings on Maverick Gaming LLC, including the ‘CCC’ issuer credit rating, because of a lack of sufficient information to maintain the ratings. At the time of the withdrawal, our outlook on the company was negative,” said the ratings agency in a June 10 statement.
Washington-based Maverick runs 27 casinos and card rooms in its home state, Colorado, and Nevada. The firm is led by CEO Eric Persson, who is an accomplished poker player.
Maverick Bankruptcy Was Arguably Telegraphed
Under Persson, a former Las Vegas Sands executive, Maverick has been acquisitive in Washington, but some industry observers believe the operator got too carried away with its acquisition strategy.
Many of those purchases were executed with debt, and when some of the venues didn’t perform up to expectations, Maverick had to take bold steps, including shuttering four Washington-state card rooms. The bankruptcy filing was arguably telegraphed because in a June 2024 report, S&P noted the gaming company was likely heading for default or another debt restructuring, prompting a “negative” outlook on the operator’s credit rating.
“The negative outlook reflects that Maverick may default or restructure in the next 12 months and that it depends on favorable business, financial, and economic conditions,” notes S&P.
At that time, S&P upgraded Maverick to CCC from D, but the former is still a highly speculative credit grade and one that implies elevated default risk.
Macroeconomic Factors Pinched Maverick Gaming
In its home state, where Maverick competes with other card rooms and tribal casinos — competition that invites heavy promotional spending – Maverick was hindered by a weak macroeconomic environment.
This is compounded by a weaker local economy due to numerous layoffs in the region at technology companies that has constrained Maverick’s customer base and discretionary spending. In addition, its fixed-cost structure (including large fixed-rent obligations associated with various sale-leaseback transactions) is too high for its revenue base,” said S&P in June 2024.
Washington State’s jobless rate of 4.5% ranks 37th in the US, according to the Bureau of Labor Statistics. That’s well above the national average of 4.1%.
Last Comments ( 2 )
Blah, blah, blah. Perssons probably drained the company dry then called bk. That’s my guess
Eric made many big mistakes. He hired people that didn't have casino experience. Ran the place poorly. Also not understanding the base of his clients I worked for the company for years before it was taking over by him.