Maverick Gaming, a casino and cardroom operator based in Washington, has filed for Chapter 11 bankruptcy protection, marking a pivotal turn in its prolonged financial struggles. The filing, made in a Texas bankruptcy court, estimates the company’s assets and liabilities in the range of $100 million to $500 million.
This development comes just weeks after S&P Global Ratings formally withdrew its credit rating for Maverick Gaming, citing an insufficient flow of financial information. At the time of withdrawal, the agency’s outlook was already negative, fueled by concerns over Maverick’s financial stability and potential for default.
“S&P Global Ratings today withdrew all its ratings on Maverick Gaming LLC, including the ’CCC’ issuer credit rating, because of a lack of sufficient information to maintain the ratings.”
The road to bankruptcy was not unforeseen. In 2024, analysts flagged the company’s aggressive acquisition strategy and mounting debt loads, suggesting that a restructuring or default was likely within a year. Despite a brief upgrade in credit rating from D to CCC, the risk profile remained high.
Market observers attribute Maverick’s financial challenges to a combination of factors:
- Overexpansion through acquisitions
- Macroeconomic pressures, including inflation and changing consumer behavior
- Intensified competition from tribal gaming entities within Washington
Maverick Gaming at a Glance
- Operational Regions: Washington, Nevada, Colorado
- Washington Footprint: Operates 17 cardrooms
- Casino Assets: Nearly 2,500 slot machines and 320 table games across Nevada and Colorado
The company’s bankruptcy filing sets the stage for court-led restructuring, with stakeholders closely monitoring whether Maverick can emerge viable in a competitive gaming landscape.
