Maverick bankrupt
Maverick Gaming, a casino and cardroom operator based in Washington state and owned by high-stakes poker regular Eric Persson, has filed for bankruptcy.
The company, which owns 27 properties across Colorado, Nevada, and Washington, filed for Chapter 11 in Texas and listed total liabilities and assets in the range of $100m to $500m.
properties in Nevada are expected to continue operating
The Washington casinos will close as a result of the proceedings, although other properties in Nevada are expected to continue operating for the time being.
Business downturn
In a short statement on the company’s website, Maverick announced the closure of four locations and blamed a recent decision by the Washington Gaming Commissioner.
“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 statement read.
“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.”
According to a report last year by S&P Global Ratings, Maverick had also been struggling with high rents and a general downturn in business due to layoffs from the tech industry.
Persson holds the unfortunate record of being the loser of the largest televised poker pot in history
Owner Eric Persson is also known for his regular appearances in high-stakes live-streamed poker games, including the later seasons of High Stakes Poker. Persson holds the unfortunate record of being the loser of the largest televised poker pot in history, after he moved all-in drawing dead on the turn against Patrik Antonius for a $1,780,000 pot.
Persson has so far not commented on the matter a,nd his X account has been dormant for several weeks.
Problems mounting
Maverick had previously had troubles in the Washington market, having filed a lawsuit in 2022 against state and federal authorities over laws that privileged tribal interests in sports betting.
Maverick was over $315m in the red across several different loans
The ruling eventually went against Maverick, with the company being forced to restructure its extensive debt last year, a deal which was considered equivalent to a default by S&P ratings. According to the filing this month, Maverick was over $315m in the red across several different loans.
While the Washington-based casinos are expected to close, it will likely be business as usual for the Nevada properties for the time being, which, according to local media, are not the focus of the bankruptcy proceedings.
