Maverick Gaming Bankruptcy: Uncertain Future for Crazy Moose Casinos in Washington

The gambling industry in Washington State is facing a significant turning point. Maverick Gaming Inc., a major player in the card room sector, is fighting for survival. The Kirkland-based company, which operates 17 of the state's 40 public house-banked card rooms, has filed for creditor protection in the U.S. Bankruptcy Court for the Southern District of Texas. The situation is particularly critical for staff at the Crazy Moose Casino in Pasco. There, 137 employees are concerned about their livelihoods, as a formal notice to Mayor Charles Grimm indicates a possible closure on November 30, 2026.

The situation is complex, as Maverick Gaming operates under the name RunItOneTime LLC and has brought a web of nearly 70 corporate entities into the proceedings. While management emphasizes that operations could continue under new management, many decisions depend on negotiations with creditors. Local staff in Pasco remain optimistic, stating they expect business as usual, but the raw numbers in court documents tell a much darker story. The company is struggling not only with internal misalignments but also with a changing market environment where tribal casinos are becoming increasingly dominant.

Numbers and facts

A look at the bankruptcy filings reveals the scale of the financial disaster. RunItOneTime LLC lists between 25,000 and 50,000 creditors. Assets and liabilities are each listed in a range of $100 million to $500 million. The decline in revenue at local sites is particularly drastic. At Crazy Moose Casino, gross gaming revenue (GGR) dropped from $325,000 in the first quarter of 2024 to just $231,000 in the first quarter of 2025. Coyote Bob’s Roadhouse Casino in Kennewick was hit even harder, where revenue plummeted from $429,000 to a meager $108,000 during the same period.

The debt situation was exacerbated by a real estate deal in 2022. At that time, Maverick sold the Pasco and Kennewick locations as part of a $110.3 million sale-and-leaseback agreement with New York asset manager Blue Owl Capital. The goal was quick liquidity, but high lease obligations became a trap. Maverick has completely stopped paying rent since April 2025. The largest single claim currently comes from Project Evergreen WA LLC with $7.4 million in unpaid rent.

Background

Maverick Gaming, led by CEO and professional poker player Eric Persson, acquired the locations in 2019 from Washington Gold. As house-banked card rooms, these facilities are not allowed to offer slot machines, roulette, or craps, but are limited to table games such as blackjack and poker against the house. This legal restriction is proving to be a massive disadvantage in competition with indigenous tribal casinos. Competition from the Umatilla Tribes' Wild Horse Casino and the Yakama Nation's Legends Casino is increasingly drawing customers away from the smaller rooms.

"We are hopeful this process will allow us to right size our underlying business operations and preserve value for the benefit of all stakeholders." - Jeff Seery, Chief Restructuring Officer at Maverick Gaming

Maverick has already had to give up locations in Tukwila in the past. The current restructuring plan shows that Norwest Gaming Group has already acquired some assets, including the Crazy Moose Casino in Mountlake Terrace. Whether this lifeline will also be extended to Pasco and Kennewick in time remains to be seen. While Chapter 11 serves as a reorganization tool, it can lead to liquidation at any time if no viable plan is presented.

Why it matters for German players

For players in Germany, the bankruptcy of a US-based card room operator has no direct impact on game availability, but it illustrates the risks of operators without a solid capital base. In Germany, the market is strictly regulated by the State Treaty on Gambling 2021 (GlüStV 2021). Anyone wishing to play safely in this country should exclusively use platforms on the whitelist of the Joint Gambling Authority of the States (GGL). These providers must deposit strict security funds and are subject to tough player protection rules, such as the monthly deposit limit of 1,000 euros via the LUGAS system and the bet limit of 1 euro per spin on virtual slots.

German licenses offer legal recourse in the event of an operator's insolvency, unlike MGA or Curacao licenses. The GGL's strict liquidity checks are designed to prevent scenarios like those seen at Maverick Gaming. While real estate often serves as collateral in the US, German providers must demonstrate liquid funds and bank guarantees to maintain gaming operations. German gamblers should therefore check if international companies reported to be in financial trouble operate subsidiaries with a German license, which is currently not the case for Maverick Gaming.

What it means for GGL-licensed casinos

The crisis at Maverick shows that the card room model without slot machines is hardly competitive in the long term. German online casinos with a GGL license have a clear advantage here, as they are allowed to offer a wide range of legal slots, provided they are certified. The bankruptcy in the US could lead international investors to become more cautious, which in turn makes the stable, state-regulated German market more attractive for serious capital providers. Operators who do not follow the rules of the GlüStV 2021 risk not only exclusion from the market but also lose the legal revenue streams so vital for restructuring.