Introduction
The Maverick Gaming Chapter 11 cases affect lenders, landlords, gaming regulators, roughly 2,900 employees, and distressed investors. Few regional gaming bankruptcies involve this many licensed properties across this many state regulators.
This article covers the filing, the entities involved, the causes of distress, the proposed restructuring, and later developments. Chapter 11 moves quickly.
Ownership, property status, and operations can change between filings, so this article uses an information date of October 20, 2026. Verify anything material against the court docket and official case materials.
Key Takeaways
- RunItOneTime LLC and 67 affiliates filed on July 14, 2025, in the Southern District of Texas (Case 25-90191).
- Distress came from tribal competition, Washington restrictions, operating problems, Blue Owl rent, and debt defaults.
- DIP financing funded operations while the PokerCo, LeaseCo, and MainCo proposals were pursued.
- Closure notices, proposed sales, and rehire statements are not completed outcomes.
Who Filed and What the Maverick Gaming Business Looked Like
The Debtors
RunItOneTime LLC and 67 affiliated debtors filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The cases are jointly administered under lead case 25-90191.
"Maverick Gaming" was the operating brand and a former name of the lead debtor. The petition lists it among the debtor's other names, and the roster does not show a separate debtor with that name. The ultimate parent, RunItOneTime HoldCo, Inc., was formerly Maverick Gaming HoldCo, Inc. Confirm any asset and liability range against the original petition before quoting it.
The Business at Filing
According to the first-day declaration, the company was founded in 2017 by Eric Persson and Justin Beltram. At filing it reported:
- 26 operating properties, including 17 Washington cardrooms and four hotel-casino properties
- About 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants
- About 2,900 employees across Nevada, Washington, Colorado, and Utah
- EGads! design and fabrication (acquired in 2020) and Utah Trailways charter operations
These are the debtors' own figures. The declaration also gives inconsistent counts of non-operating properties: five in Washington in one place, and eight Washington cardrooms plus one Nevada hotel in another. Treat those figures as alternative counts, not additive.
Structure and Governance
The declaration describes an OpCo/PropCo structure. Operating companies generally held gaming and liquor licenses, while separate property entities held or leased real estate, including a Nevada property leased by Maverick Elko LLC under the Blue Owl arrangements. That separation matters because licenses cannot simply move with a sale. Regulators must approve the transferee.
Eric Persson, co-founder and CEO, held 57.9% of the parent's common stock and directly or indirectly owned all equity in the licensed-operator debtors. The company was privately held. Specific dates and prices for the Washington, Nevada, and Colorado acquisitions are not clearly stated in the first-day materials.
Compact Timeline
- 2017: Company founded.
- 2020: EGads! acquired.
- Q4 2023: Full $55 million revolver drawn, per S&P.
- April-May 2024: Distressed debt exchange; S&P downgrades to 'D' on May 28, 2024.
- January 2025: Lender negotiations begin.
- April 2025: Blue Owl rent goes unfunded.
- May-July 2025: Default notice, missed debt-service payments, then the filing.
Why Maverick Gaming Entered Chapter 11
Competition and Regulation in Washington
The first-day declaration cites competition from tribal casinos and Washington limits on cardrooms, including restrictions on slot machines. It also cites higher labor costs in Tukwila after minimum-wage increases.
Maverick also pursued legal and regulatory routes. The Ninth Circuit affirmed dismissal of its challenge to Washington's tribal gaming compacts on December 13, 2024. A January 2025 Gambling Commission agenda also records Maverick's request for centralized surveillance of house-banked cardrooms, though the final decision is not readily available. Neither is established as a direct cause of the bankruptcy.
Operating Pressures
The declaration points to several issues:
- The March 2022 reopening and expansion of Monarch Casino Resort Spa in Black Hawk drew higher-end customers away.
- The new sports-betting operation suffered payout volatility and losses approaching $1 million.
Pandemic effects are not isolated or quantified in the available filings, so no specific share of the distress should be assigned to COVID-19.
Earnings, Rent, and Debt
The declaration reports EBITDA of $18.5 million in 2022 and $16.5 million in 2023. Against that, the Blue Owl Master Lease carried about $17.8 million in annual rent, and rent had not been funded since April 2025. The exact unpaid balance is not readily available. A separate $5.9 million figure is not identified as rent arrears.
S&P reported that Maverick drew its full $55 million revolver in Q4 2023 and ended the year with $43 million of cash against about $313 million in revolver and term-loan balances. After an April 2024 distressed exchange, S&P cut the rating to 'D' from 'CCC' on May 28, 2024. These are S&P figures, not petition-date balances.
The Path to Default
The chief restructuring officer's declaration records:
- A May 12, 2025 default notice and a later covenant default
- A missed Term B debt-service payment on May 28
- Missed First Out and Second Out payments on July 3
- Lender talks starting in January 2025 and efforts to raise third-party capital, with no completed raise identified
How the Chapter 11 Restructuring Was Designed to Work
The Transaction Support Agreement
The June 25, 2025 Transaction Support Agreement divided the proposed restructuring into three tracks. It contemplated oversight by a special committee and a CRO, and the declaration identifies Jeff Seery as CRO. A verified lender-support percentage is not readily available.
This was a proposal. Compare it with later sale orders, plan documents, and confirmation materials before treating any piece as the result.
PokerCo, LeaseCo, and MainCo
- PokerCo: A Section 363 sale of the Washington cardroom business, with a $13 million cash stalking-horse bid from Eric Persson or a designee. It included earnout and post-closing-income components and an allocation method if fewer than all facilities sold.
- LeaseCo: Negotiation of an amendment or modification to the Blue Owl Master Lease. No final amendment, assumption, rejection, or settlement is readily available in the public record.
- MainCo: Lenders could elect a Section 363 sale or a plan process for the remaining business, including the Nevada and Colorado operations. No confirmed MainCo plan or completed sale is established.
DIP Financing and Budget Controls
The interim orders specify up to $8.5 million of initial new-money DIP loans and up to $10.5 million in a second interim tranche, or $19 million across those tranches. Roll-up loans are separate and are not new cash. Further new money was uncommitted and conditioned on an acceptable amount, a final budget, and the restructuring.
Use of proceeds is tied to the approved budget, with permitted-variance and reporting tests.
Who Does What
- Marnell Gaming Management: Authorized by the court on July 18, 2025.
- Ropes & Gray and Orrick: Counsel to the ad hoc lender group (restructuring and Washington gaming, respectively).
- Kroll: Claims and noticing agent.
The full list of debtor counsel, financial advisers, and investment bankers is not readily available. Under the absolute priority rule, administrative claims are paid first, then priority claims such as wages, then secured, unsecured, and equity claims. How the structure affects each group depends on the final orders.
Post-Filing Developments and What Stakeholders Should Watch
Chronology From the Record
| Date | Development | Status |
|---|---|---|
| July 14, 2025 | Petitions filed | Court record |
| July 18, 2025 | Marnell Gaming Management authorized | Court order |
| August 28, 2025 | Sale process and bidding procedures approved | Court record |
| Sept. 19-24, 2025 | PokerCo auction and sale hearing; successful bid described as $28 million in cash and non-cash consideration | Hearing confirmed; closing not shown |
| Jan. 26, 2026 | Teamsters Local 117 reconsideration motion denied | Court opinion |
| June 29, 2026 | Settlement among debtors, non-debtor affiliates, and U.S. Trustee approved | Court order |
| Oct. 16, 2026 | Hearing on selected assets noticed | Outcome not established |
General claims were due November 19, 2025, and governmental claims January 12, 2026. Both dates have passed.
Closures, WARN Notices, and Nevada
Washington WARN notices received September 28, 2026 list planned permanent closures on November 30, 2026:
| Facility | Workers |
|---|---|
| Chips Casino, Lakewood | 131 |
| Macau Casino, Lakewood | 106 |
| Palace Casino, Lakewood | 15 |
| Great American Casino, Everett | 133 |
| All Star Casino, Silverdale | 159 |
| Coyote Bob's Casino, Kennewick | 68 |
| Crazy Moose Casino, Pasco | 137 |
A separate August 27, 2026 notice for a "Great American Casino" lists about 96 workers and a November 1 date. It cannot be readily reconciled with the Everett notice, so check both.
In an October 7, 2026 interview, Eric Persson said a repurchase of two Elko casinos should close in about three weeks, with a similar process for Wendover, and that employees would be rehired. Those are reported statements. Transfers, license approvals, and rehires are not confirmed.
Distinguishing Event Types
- Announced closure: A company statement of intent.
- WARN notice: Legal advance notice of a planned closure or layoff.
- Actual shutdown: Operations have stopped.
- Sale or transfer: A court-approved or agreed transaction.
- Completed change: Closing has occurred and regulators have approved the new operator.
No plan confirmation, dismissal, final Blue Owl lease resolution, or completed MainCo disposition is established on the public record.
Documents to Monitor
- Kroll's case page and the docket
- Sale motions, bidding procedures, and sale orders
- DIP amendments
- Plan filings, disclosure statements, ballots, and confirmation materials
- Final orders
Professionals can also use a restructuring-intelligence platform such as BankruptcyData to track filings, court activity, stakeholders, advisors, timelines, and outcomes across the case lifecycle.
What the Case Means for Creditors, Employees, and Gaming-Industry Stakeholders
Creditors
Secured lenders should focus on collateral value, credit-bid rights, and sale terms. Section 363(f) allows estate assets to be sold free and clear of interests, which can change what lenders and landlords recover.
Other creditor groups face different exposure:
- Landlords may see leases amended, assumed, or rejected
- Unsecured creditors depend on claims reconciliation and any distribution
Read official notices rather than media summaries.
Employees and Communities
WARN notices give advance warning of potential layoffs but do not prove a closure occurred. Rehire statements are not binding commitments.
Pre-petition wages and benefits are priority claims in bankruptcy. Affected employees should review claim deadlines and official notices.
Regulators
A sale order alone does not transfer a gaming license:
- Washington: WAC 230-03-105 requires written approval before a gambling license transfers.
- Nevada: NRS Chapter 463 provides for suitability review and regulator approval.
- Colorado: Licenses are location-specific and not a vested property right.
Diligence Checklist
- Identify the correct debtor entity.
- Track claims and deadlines.
- Review leases and security interests.
- Follow sale and plan documents.
- Confirm regulatory requirements.
- Don't rely only on media summaries.
What the Case Illustrates
The record shows how acquisition-driven growth, sale-leaseback rent, concentrated regional markets, and regulatory asymmetry can combine with default pressure. Draw no broader conclusions than the documents support.
Frequently Asked Questions
What company filed for Chapter 11 bankruptcy in the Maverick Gaming case?
RunItOneTime LLC and 67 affiliated debtors filed. Media uses "Maverick Gaming" because it was the operating brand and a former name of the lead debtor.
When did Maverick Gaming file for Chapter 11?
July 14, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (Case 25-90191). Later sales, notices, and settlements are separate milestones.
Why did Maverick Gaming file for bankruptcy?
The declaration cites tribal competition, Washington restrictions, operating pressures, Blue Owl rent, and covenant and payment defaults. Alleged causes should be attributed to the filings.
Is Maverick Gaming itself a debtor in the Chapter 11 cases?
Not as a separate entity on the published debtor roster. Maverick Gaming LLC is a former name of RunItOneTime LLC, and the parent was formerly Maverick Gaming HoldCo, Inc.
What was Maverick Gaming's proposed restructuring plan?
The June 2025 agreement proposed PokerCo (Washington cardroom sale), LeaseCo (Blue Owl lease negotiation), and MainCo (Nevada and Colorado sale or plan), alongside DIP financing. These were proposals and may have changed.
How can professionals track the Maverick Gaming bankruptcy case?
Monitor the docket, Kroll's case page, court orders, sale and plan documents, regulator announcements, and a restructuring-intelligence resource for updates.
