Maverick Founder Moves To Save Eight Washington Casinos From Closure

Eight Washington casinos that were heading for closure on November 30 now look set to stay open, after Persson confirmed he is acquiring the properties from the bankrupt operator he co-founded.

Speaking to KIRO Newsradio, as reported by MyNorthwest^[1], Persson said the purchase should close within the next three weeks and that staff would be rehired by the new company.

For regulars, he said, the change of ownership should be invisible. 

"From a customer standpoint, you know nothing changes," Persson said, confirming the casinos would remain open.

Chip's Casino alone accounted for 131 of the jobs at risk, covering table game dealers, cage cashiers and bartenders. Crazy Moose employs 137 people and Coyote Bob's 68, according to World Casino Directory.^[2]

Crucially, every filing left the door open. Each carried the same notice from Maverick: "Maverick Washington LLC is currently subject to a bankruptcy proceeding and, as part of that proceeding, there could be a potential change of operator and/or owner for the site."

The notice went on: "If the site is transitioned to a new owner/operator, the above-referenced closure may not occur, or alternatively, the closure could be delayed."

In hindsight, that caveat reads less like boilerplate and more like a signpost. Pasco City Councilman Leo Perales had already told NewsTalk 870 that new ownership was coming for Crazy Moose shortly after the closure letter arrived.^[3]

Why is Persson buying back his own casinos?

This is not Persson's first move to retain Washington assets through the bankruptcy process. In September 2025, an entity he manages won a court auction for three Maverick locations in the state with a $28 million bid, according to Bloomberg Law.^[4]

The logic of a founder buyout is straightforward. Chapter 11 lets assets move to a new owner without the debts, leases and fixed costs that broke the old structure. A leaner company can run the same rooms, with the same staff, on a cost base the previous owner could never reach.^[5]

What Persson has not yet set out publicly is the price, the financing behind the deal, or whether the new company will run all eight sites on the same terms. Those details will matter far more to the long term survival of these rooms than the headline rescue.

How did Maverick end up in bankruptcy?

Maverick filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on July 14, 2025, listing assets and liabilities each in the $100 million to $500 million range (next.io). At the time it owned 17 Washington cardrooms alongside casinos and hotels in Nevada and Colorado.

Three pressures stand out.

Debt from rapid expansion. Founded in 2017, Maverick grew quickly through acquisitions and sale-leaseback deals. S&P Global Ratings warned in June 2024 that its capital structure was unsustainable, with rent, interest and capex too high relative to expected earnings.

Tribal competition. Washington's tribal casinos pay no state gaming tax and can offer slots, sports betting and higher table limits. Commercial cardrooms are capped at 15 tables and, since 2023, a $400 maximum wager (next.io).

Failed legal and regulatory pushes. Maverick's challenge to tribal exclusivity over sports betting was dismissed by the Ninth Circuit (Yogonet). The company also blamed the Washington Gambling Commission for rejecting a centralized surveillance petition designed to cut cardroom costs.

The result has been a steady contraction. Maverick has closed several Washington sites since April, and two Tukwila properties, Great American Casino and Riverside Casino, are due to shut on November 1 with 238 jobs lost (MyNorthwest). Those two are not part of the buyback Persson described.

What does this mean for the wider industry?

A rescue, not a reset. A new owner can strip out legacy debt, but it cannot change the market these rooms trade in. The tax gap with tribal properties, the 15-table cap and the $400 wager limit all remain. If those conditions sank a well-funded operator, a smaller successor will need to run far leaner to make the numbers work.

Pressure on Olympia. Washington's commercial cardroom sector is shrinking in plain sight. More than 1,000 jobs were in the firing line across Maverick's November closures combined. That gives the industry a sharper case for relief on table limits, tax rates or surveillance rules when lawmakers and regulators next look at the sector.

Sports betting exclusivity stays put. Maverick was the most visible commercial challenger to tribal control of Washington sports betting. With the company carved up and the court route exhausted, that exclusivity looks more secure than at any point since legalization in 2020. Any future change is now far more likely to come through the legislature or tribal compacts than through the courts.

A warning on leveraged roll-ups. Maverick's growth was built on buying regional properties with debt and selling the real estate to lease it back. That model works while revenue grows. When it stalls, rent and interest bills arrive regardless. Other mid-market operators expanding the same way will be watching how this ends.

Founder buybacks as a template. If Persson can reopen these rooms on a cleaner balance sheet, expect more distressed operators to use Chapter 11 sales as a way for insiders or local buyers to keep properties trading, rather than letting them go dark.