Nevada-based Maverick Gaming heads to Washington

Nevada-based Maverick Gaming heads to Washington

A private gaming operator out of Nevada is extending its reach. Maverick Gaming LLC, which operates the Red Garter Casino, has entered into a purchase agreement to scoop Wizards Casino in Burien, Washington as it looks to grab a larger piece of the sports gambling market across the country. The deal is reportedly just the first in what could be several acquisitions in Washington State.

Nevada-based Maverick Gaming heads to WashingtonMaverick announced the deal in a press release, with company owner Eric Persson explaining, “Today, we continue our commitment to the State of Washington and the card room industry. Wizards is located in a suburb of Seattle and once again our footprint grows in this important market. In the next month, we expect to announce the purchase of four more card rooms in Washington, as well as another property in Nevada. Once all of our contemplated purchases close, we expect to be at 31 casinos in multiple states and jurisdictions.”

The company stated about a week ago that it had entered definitive agreements to purchase the Macau Casino in Lakewood, the Macau Casino in Tukwilla, the Caribbean Casino in Kirkland and the Caribbean Cardroom in Kirkland, and the Caribbean Casino in Yakima.

Persson added in the most recent announcement, “As our footprint grows in Washington, we are very interested in helping the State see the potential tax revenue sports wagering can generate for Washingtonians, which we estimate if done right can be in excess of fifty million dollars annually. We believe Maverick’s geographic diversity coupled with our sports betting expertise, make the Maverick properties natural partners with the State in Sports wagering.”

Financial details surrounding the deals have not been released, but the company indicates that the purchases will be facilitated by its own cash, as well as financing from a private investment firm, HG Vora Capital Management. All of the deals still have to be approved by the Washington State Gambling Commission before the acquisitions can be finalized.

Prior to its latest expansion into Washington, the company had already signed a definitive agreement to purchase the Roman Casino in Renton and had closed on the purchase of the Great American Gaming Corp. (GAG). The latter gave it access to three cardrooms in the state that offer a combined 45 table games, four restaurants, three bars and additional amenities. Maverick spent $56 million to acquire GAG’s assets.

All of this expansion activity has taken place in just the past couple of months. The company now has a total of 17 casinos and cardrooms between Nevada and Washington, given it around 1,500 slot machines, more than 225 table games and 1,200 hotel rooms in its portfolio.