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Maverick Gaming is shutting down its four Washington state casinos, including the Dragon Tiger Casino in Mountlake Terrace, due to rules on centralized surveillance.
In a July 14 statement on the Kirkland-based company’s website, Maverick Gaming announced the closure of the Dragon Tiger Casino in Mountlake Terrace, Palace Casino in Lakewood, Silver Dollar Renton and Roman Casino in Seattle.
All other Washington state locations — including Aces Poker in Mountlake Terrace — are still operating as usual.
The next day, the properties were closed. The Dragon Tiger Casino is now used as stock overflow parking for a nearby car dealership.
“This decision follows the Washington Gaming Commissioners’ choice to shut down the centralized surveillance petition, which was intended to support Washington Cardrooms,” a Maverick spokesperson wrote.
Maverick brought a petition to the gaming commissioners on Jan. 9. Lobbyist Vicki Chistophersen spoke for Maverick Gaming, explaining that their surveillance system was older, possibly from the “’90s or early 2000s” and that the cost of upgrading the system wasn’t feasible.
Maverick Gaming asked for a variance to be able to utilize an off-site and potentially third-party surveillance agency for its card rooms, citing exceptions that were made in Nevada. However, those locations have populations far lower, between 1,000 and 5,000 residents, than the Puget Sound area with a population in the millions.
The commissioners voted 3-2 to deny the petition.
The statement said that the gaming board compared Washington cardroom casinos with 15 tables to mega casinos that attract higher volumes of traffic. Also, the lack of centralized and advanced surveillance technology has hindered Maverick’s ability to compete effectively.
However, the issues run deeper as Maverick’s parent company, RunItOneTime LLC, announced that it filed for a voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
During the Jan. 9 commission meeting, Christophersen stated that some of the locations, including the Dragon Tiger Casino, had been operating at a loss for years.
A statement from Maverick said that the decision to initiate the court-supervised process follows a strategic review of the company’s capital structure and operations.
Maverick, its secured lenders and its majority shareholder entered into a transaction support agreement on June 25, in which the secured lenders will provide new financing.
Maverick Gaming said it intends to restructure or sell under the supervision of the bankruptcy court.
“We are hopeful this process will allow us to right-size our underlying business operations and preserve value for the benefit of all stakeholders,” Chief Restructuring Officer of Maverick Gaming Jeff Seery said.
Maverick Gaming was initially founded in Nevada by former Las Vegas Sands Corporation Global Senior Vice President of Slots Eric Persson and former Vice President of Slots at Bellagio and Marina Bay Sands Justin Beltram in 2017. The company changed its base of operations to Kirkland, Washington, in 2021.
Maverick owns and operates 27 properties across Nevada, Washington and Colorado. Between the properties, there are 1,800 slot machines, 350 table games, 1,020 hotel rooms, 30 restaurants and nearly 3,000 staff members.
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