Maverick Gaming Adds To Washington Footprint With Evergreen Buy

Posted: December 22, 2022 at 02:07.

Last updated: Dec 22, 2022 at 02:07.

Maverick Gaming cemented its position as Washington State’s dominant card room operator by paying rival Evergreen Gaming $80.47 million in cash.

maverick gaming
Maverick Gaming Eric Persson (left) at the 2022 poker tournament. His firm purchased his four cardrooms in Washington State. (Image: YouTube)

Evergreen operated four card rooms: Chips Casino in Lakewood, Goldie’s Casino in Shoreline, Palace Casino in Lakewood and Riverside Casino in Tukwila. With this acquisition, Maverick operates his 31 gaming venues in Colorado, Nevada and Washington.

Strategically, this acquisition is critical to Maverick’s continued dominance in Washington State. As a result of this transaction, the company expects significant integration as well as operational and marketing benefits. Maverick said he moved quickly to integrate all aspects of the two companies and expects to benefit from the acquisition by January.

Persson and co-founder Justin Bertram previously worked at Las Vegas Sands. Maverick and Evergreen are privately held companies.

Maverick Major Card Room Player in Washington

Maverick has been making acquisitions in Washington and has acquired more than just cardrooms in the past few years, and the company could add to its roster in the future, potentially bolstering employee union membership ranks. there is.

With the acquisition of Evergreen Gaming, Maverick now operates about half of the state’s card rooms. There are two main differences between Washington Card Rooms and Tribal Casinos when it comes to gaming regulation. First, only tribal venues can have slot machines. Second, the card room dealer acts as a bank rather than a home. Venues generate revenue by collecting a fee associated with the table limit for each hand played.

Game offerings vary, but tribal operators in various states often come into conflict with cardrooms, and in some cases, tribal casino entities pull political levers to create operating conditions for their competitors. I’m trying to make it difficult.

In September, Maverick sold Macau Casino in Lakewood, Washington to Oak Street Real Estate Capita for $22.1 million.

Mavericks, Tribes Butt Heads Over Sports Betting

Washington State allows sports betting, but only on and near tribal casino premises. Disputed what seemed to apply. But that effort was stopped in federal court earlier this year.

What happens next in that rift remains to be seen, but it is clear that Washington State is not a significant player in the US sports betting arena. status is an afterthought.

“Maverick Gaming’s assets include over 360 tables, 2700 slot machines, 1300 hotel rooms, 50 restaurants and approximately 3500 team members. It is rated BBB- by and is majority owned by Persson, who has over 40 years of gaming experience, and COO Beltram.

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