Las Vegas-based casino operator Maverick Gaming continued its aggressive acquisition of Washington gambling businesses this week, announcing a deal late Monday that will give the company five additional properties in the Pacific Northwest state.
The transaction would increase Maverick’s ownership to 18 casinos and card rooms in Washington, covering nearly 275 table games. Maverick CEO Eric Persson also hinted at a deal for another five locations that could be announced in September.
Persson said in a statement that Maverick “will begin to outline our growth strategy, which includes a comprehensive entertainment product inclusive of restaurants, hotel rooms, meeting space and, of course, table games.”
The privately held company did not reveal a purchase price for the five properties: Macau Casino in Lakewood, Macau Casino in Tukwilla, Caribbean Casino in Kirkland, Caribbean Cardroom in Kirkland, and Caribbean Casino in Yakima.
Maverick said it would fund the transaction primarily with cash on hand and debt financing from HG Vora Capital Management, a private investment firm. The deal is subject to Washington regulatory approval.
“Growing up in Hoquiam, Washington, and as a member of the Shoalwater Bay Nation, I never dreamed an opportunity like this would one day exist. In my case, it’s definitely true that you can come home again” Persson said.
Earlier this year, 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 Washington President Tim Merrill said the company is planning to invest $100 million into the state over the next few years.
“With over 3,000 jobs, which have an average salary above $75,000 and great benefits, we have a great team,” Merrill said.
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.
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.
Persson and Justin Beltram founded 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.