Case Abstract: Maverick Gaming Chapter 11

Business Description

RunItOneTime LLC (dba Maverick Gaming), together with its Debtor associates⁽¹⁾ (collectively, “Maverick” or the “Company”), is a privately held gaming and leisure firm specializing within the acquisition and turnaround of underperforming on line casino and cardroom properties.

• The Company pursues a technique of constructing a portfolio of regional gaming belongings and enhancing their profitability by focused operational enhancements and advertising initiatives.

As of the Petition Date, Maverick operates a portfolio of 26 gaming properties throughout Washington, Nevada, and Colorado. These properties collectively characteristic roughly 2,500 slot machines, 320 desk video games, 1,200 resort rooms, and 30 eating places. The Company’s main working segments embrace:

• Washington Card Rooms: Maverick is without doubt one of the largest cardroom operators in Washington, with 17 lively house-banked cardrooms concentrated within the Seattle space.
• Nevada Casino Hotels: The Company owns 5 properties in rural Nevada markets, together with the Wendover Nugget and Red Garter casinos in West Wendover and three properties in Elko. These areas provide a full suite of gaming choices, lodging, and different facilities.
• Colorado Casinos: Maverick operates three casinos within the historic mining cities of Black Hawk and Central City. These smaller-scale casinos primarily cater to day-trip gamblers from Denver.
• EGads! LLC: Acquired in 2020, the Las Vegas-based subsidiary designs customized on line casino interiors, signage, and themed décor. The unit has turn into one of many Company’s extra worthwhile segments, with income climbing to $33.2 million in 2024 from $22.1 million in 2022. EBITDA greater than doubled over that interval to $10.6 million.
• Utah Trailways: To drive visitors to its Wendover, NV, casinos, Maverick operates a constitution bus service that transports clients from the Salt Lake City space, a vital hyperlink to its Utah buyer base.

RunItOneTime LLC and its associates filed for Chapter 11 safety on July 14, 2025 (the “Petition Date”), within the U.S. Bankruptcy Court for the Southern District of Texas, reporting $100 million to $500 million in each belongings and liabilities.

⁽¹⁾ For a whole record of Debtor entities, see the organizational construction chart beneath.

Corporate History

Maverick Gaming was based in 2017 by CEO Eric Persson and COO Justin Beltram, gaming business veterans with over 30 years of mixed expertise at Las Vegas Sands, Bellagio, and Marina Bay Sands.

• The Company stays privately held, with Persson controlling roughly 58% by mum or dad entity RunItOneTime HoldCo Inc. Beltram holds about 13%, whereas the rest is cut up amongst different stakeholders.
• Persson’s majority possession and hands-on management as CEO have centralized decision-making, elevating governance issues resembling key-person threat and the absence of an unbiased board, as famous by credit score analysts.

Acquisition-Driven Expansion

• 2018–2019: Maverick quickly entered the Washington and Nevada markets. A key transaction was the 2019 acquisition of then-publicly traded Nevada Gold & Casinos, Inc., which gave Maverick a serious foothold with 9 cardrooms in Washington. During this era, the Company additionally acquired its Wendover and Elko, NV, on line casino portfolios.
• 2019–2020: The Company expanded into Colorado by buying three casinos in Black Hawk and Central City. An introduced $230 million deal to amass the Eldorado Shreveport on line casino in Louisiana was in the end terminated in mid-2020 as a result of COVID-19 pandemic and financing challenges.
• 2020: Maverick diversified its operations by buying EGads! LLC, a on line casino design and fabrication enterprise. This strategic transfer was supposed to vertically combine branding and renovation capabilities for its rising portfolio.
• 2021–2022: The Company solidified its presence in Washington by buying Evergreen Gaming Corp. for about $80 million, including 4 extra cardrooms to its portfolio.

Corporate Organizational Structure

• To adjust to various state gaming legal guidelines, Maverick adopted a fancy OpCo/PropCo construction. Real property and amenities are owned or leased by working subsidiaries (PropCo entities, among the many Maverick Debtors), whereas gaming licenses and operations are held by separate associates (OpCo entities) wholly owned by Persson.
• This construction streamlines the licensing course of by limiting the variety of people and entities topic to regulatory suitability critiques. However, it additionally creates a fancy net of interrelated entities, with each PropCo and OpCo associates submitting as co-Debtors within the collectively administered Chapter 11 circumstances.

Operations Overview

As of the Petition Date, Maverick maintained operations throughout three states, with a portfolio consisting of 26 lively properties and 9 non-operating websites that have been beforehand closed to consolidate gaming income. The Company employs roughly 2,900 people throughout its operations. 

Washington Card Rooms

The 17 lively Washington card rooms are compact venues, usually 5,000–15,000 sq. ft, providing as much as 15 tables every with house-banked video games like blackjack and baccarat, player-supported poker, and different card variants, alongside bars and eating choices resembling grills or Asian delicacies. These neighborhood casinos primarily serve native patrons within the Seattle-Tacoma space and different communities, with out slots or digital gaming restricted to tribal casinos.

Nevada Casino Hotels

The Nevada portfolio consists of 4 hotel-casinos catering to drive-in visitors from Utah and jap Nevada. The Wendover Nugget and Red Garter properties, situated close to the Utah border, provide full-service gaming with lodges and on-site sportsbooks. In Elko, the Maverick Hotel & Casino and Gold Country Inn & Casino serve each native patrons and I-80 vacationers.

Colorado Casinos

The three casinos in Central City and Black Hawk are modest as a result of small-town market. Grand Z Casino & Hotel, the most important, consists of 576 slots, 8 desk video games, and 118 resort rooms. Dragon Tiger and Z Casino concentrate on slots with out lodging. A gasoline station/truck cease helps the realm.

Sale-Leaseback Financing

To generate capital, Maverick executed sale-leasebacks, introducing fastened rents akin to debt:

• In 2021, land beneath a number of Nevada and Colorado casinos was offered to Angelo Gordon associates for $93 million, leased again at $8.5 million yearly.
• In 2022–2023, a number of Washington and Nevada properties have been offered to Blue Owl associates for $205 million, leased again at $17.8 million yearly. Rent funds to Blue Owl ceased after April 2025, accruing $5.9 million in arrears by submitting.

These transactions triggered $26 million in capital good points taxes for 2022–2023, exacerbating liquidity points amid tightening money circulation.

Prepetition Obligations

Top Unsecured Claims

Events Leading to Bankruptcy