Las Vegas-based Maverick Gaming continued its casino buying spree in Washington last week and hinted at other pending deals in the northwest state.
The company announced an agreement to acquire the Roman Casino in Renton, which would give Maverick 13 card room casinos in the state, totaling almost 200 table games.
“In the next month we expect to give details on six more Washington properties, and we look forward to elevating the card room experience in this state,” Maverick Washington President Tim Merrill said in a statement just before the Fourth of July holiday.
In the last month, Maverick completed previously announced deals to acquire three card room casinos from Great American Gaming Corp., a U.S. affiliate of the Great Canadian Gaming Corp., for $56 million, and the nine Washington card rooms owned by Nevada Gold & Casinos in all-stock transaction.
The majority of the card rooms are located in communities surrounding Seattle, the state’s largest city.
Maverick did not provide a financial figure for the transaction, but said it expects to fund the deal with cash on hand and debt financing from HG Vora Capital Management, a private investment firm. The transaction is subject to regulatory approval.
According to a document on the website of the Washington State Gambling Commission, the state had 61 house-banked card rooms at the end of the 2018 fiscal year, which totaled $256.3 million in gross gaming revenues.
The Roman Casino reported $16.8 million in gross gaming revenues for the 12 months that ended June 30, 2018, the highest figure of any of the card rooms.
Washington card rooms may have up to 15 tables and offer blackjack, Caribbean stud poker, Let it Ride, baccarat, and most other card games once approved by state gaming regulators.
Maverick CEO Eric Persson said the company’s expansion plans could lead to 3,000 jobs in the state. Merrill said Maverick plans to develop hotels in the Seattle market, “which are badly needed, and customers will be able to redeem points for room nights as well.”
Persson and Justin Beltram founded privately held Maverick Gaming in 2017.
The company owns the Wendover Nugget and Red Garter hotels in Wendover, Nevada, and the Red Lion Casino, Gold Country Casino, and High Desert Inn, all located in Elko, Nevada. The Nevada properties total 1,200 hotel rooms and 1,500 slot machines.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
