Industry sources have highlighted to NEXT.io HG Vora’s involvement in Maverick Gaming’s expansion strategy, which contributed to its eventual bankruptcy. Maverick Gaming, a Washington-based card room and casino operator founded by pro poker player Eric Persson, filed for Chapter 11 Bankruptcy protection [last] month.
An S&P credit rating note published June 2024 had previously highlighted the company’s “unsustainable” capital structure, due to its high debt balance in a difficult interest rate environment.
This followed an aggressive expansion strategy, where Maverick purchased numerous properties across Washington, Nevada and Colorado from 2019 onwards.
The spending spree was backed in part by activist investor and New York firm HG Vora, which financially supported the business in its expansion.
