Las Vegas casino owner files for Chapter 11 bankruptcy | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Nevada casinos are not having as good of a year as they did last year, so far, as the state’s gaming win revenue declined by 1.18% from July 2024 to May 2025 to $14.3 billion compared to $14.47 billion in the fiscal year from July 2023 to May 2024, according to data from the Nevada Gaming Control Board.

A decline in tourism in the first five months of the year by 2.4%, as reported by Las Vegas Convention and Visitors Authority, may have played a role in the decline in win revenue this year, which also may have prompted some casinos to reportedly begin layng off staff.

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Bankruptcy filings have not been common among Las Vegas casino operators in recent years, and this year seems to follow that trend.

You need to look back to January 2015 to find a major Las Vegas Strip bankruptcy when Caesars Entertainment, then-owned by Apollo Global Management and TPG Capital, filed for Chapter 11 to eliminate about $16 billion in debt.

Unlucky casino filed for bankruptcy

Chinese-themed Lucky Dragon Casino, which opened in Las Vegas in 2016, three years later filed for bankruptcy and closed down in 2018.

Even when the Covid-19 pandemic shut down Las Vegas and other Nevada casinos in 2020, operators were spared from filing bankruptcy.

The Strip has been free of any major casino bankruptcies for a while, but casinos in other parts of Nevada have faced economic challenges and Chapter 11 filings.

Maverick Gaming files bankruptcy after losing its credir ratings.

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Maverick Gaming files for bankruptcy protection

Las Vegas-based privately held casino operator Maverick Gaming LLC has filed for Chapter 11 bankruptcy a month after S&P Global Ratings withdrew all of its ratings on the company, including a CCC issuer credit rating, over a lack of sufficient information to maintain its ratings, S&P said in a June 10 report.

Maverick Gaming and 67 affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on July 14, seeking a sale of its assets to a stalking horse, listing $100 million to $500 million in assets and liabilities.

The debtor will seek a sale of four Washington card rooms to a stalking-horse bidder for $13 million, renegotiate its Blue Owl master lease, and sell the remainder of its company subject to a credit bid by its prepetition lenders, or seek another alternate restructuring transaction, according to a declaration from Chief Restructuring Officer Jeff Seery.

More bankruptcy

Despite turning around several gaming assets that the company has acquired, the company faced fierce competition from tribal casinos in Washington, operational misalignments, and industry headwinds that forced the debtor to file for bankruptcy.

The combined economic challenges increased pressure on its revenues and its ability to meet financial obligations and financial covenants under its prepetition credit facility.

The debtor’s largest unsecured creditors include Project Evergreen WA LLC, owed $7.4 million; Aristocrat Technologies Inc., owed $1.4 million; and AG Park Place LLC, owed $1.4 million.

Maverick Gaming owns four Northern Nevada casinos located in Elko and Wendover, Nev., 17 cardrooms in Washington state, and three casinos in Colorado. Its casino holdings include 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants.

The Nevada and Colorado casinos offer roulette, craps, dealer-assisted electronic games, and sports betting, while the Washington facilities are cardrooms, according to the declaration.

The casino operator’s properties include Maverick Casino & Hotel and Gold Country Casino in Elko, Nev., Wendover Nugget Hotel & Casino in West Wendover, Nev., Z Casino in Blackhawk, Colo., Roman Casino in Seattle, and Silver Dollar Casinos in Bothell, Renton, and SeaTac, Wash.

The debtor also owns a business, EGads!, which specializes in the design, fabrication, assembly, and installation of casino interiors, custom signage, lighting, and architectural treatments.

The casino operator’s parent company RunItOneTime Holdco Inc. has 100% equity interest in the concern. The company, which was founded in 2017 by former Las Vegas Sands executives Eric Persson and Justin Beltram, focuses on acquiring undervalued gaming assets and making operational changes to improve profitability, according to the declaration.