Maverick Gaming: Eric Persson Buys His Own Casinos Out of Bankruptcy

The American gaming landscape is witnessing a bold maneuver by one of its most colorful characters. Eric Persson, the high-stakes poker player known for his aggressive style at the table, is applying a similar level of intensity to his business dealings. His company, Maverick Gaming, has been struggling under a mountain of debt, leading to a complex legal process that now sees Persson attempting to buy back his own assets through a different corporate structure. This move is not just about saving a brand; it is a calculated effort to maintain a foothold in the competitive markets of Washington and Nevada while shedding the financial burdens of the past.

By utilizing the RunItOneTime LLC holding company, Persson is navigating the intricacies of the U.S. bankruptcy code to ensure that his card rooms remain open. For the employees and local patrons, this is a significant development, as it moves away from the threat of total liquidation and towards a stabilized, albeit restructured, future. The strategy highlights the resilience of the gaming industry even when faced with nine-figure liabilities, provided there is a path to operational continuity.

Numbers and facts

The scale of Maverick Gaming's financial distress is substantial. The company filed for Chapter 11 bankruptcy protection last summer, revealing a debt load estimated between $100 million and $500 million. This massive shortfall put the future of its operations in Colorado, Nevada, and Washington at serious risk. Recently, Worker Adjustment and Retraining Notification (WARN) filings in Nevada and Washington indicated potential closures. However, Persson’s new plan seeks to reverse this trajectory. According to statements made to the Nevada Independent, RunItOneTime LLC will acquire the casinos out of the bankruptcy process. This includes eight locations in Washington and two in Nevada. Most importantly, the move is intended to safeguard more than 1,000 jobs across these states.

"There will be no interruption, and all employees will be rehired." - Eric Persson, Owner of Maverick Gaming

Background

Chapter 11 bankruptcy in the United States is designed to allow businesses to reorganize while continuing their daily operations. Unlike a Chapter 7 liquidation, the goal here is to emerge as a viable entity. Eric Persson is essentially separating the operational assets from the legacy debt. By purchasing the casinos—and the Maverick Gaming name itself—through a new company, he can restart with a cleaner balance sheet. Persson’s reputation in the poker world as a high-risk taker translates directly into this business strategy, where he is betting big on the long-term profitability of these regional card rooms despite the current insolvency.

Why it matters for German players

For players in Germany, this situation serves as a stark reminder of the importance of strict regulation. The German Interstate Treaty on Gambling 2021 (GlüStV 2021) was created specifically to prevent such financial volatility from impacting consumers. In Germany, any operator wishing to offer games must prove their financial stability and integrity to the Gemeinsame Glücksspielbehörde der Länder (GGL). The rigorous vetting process for the official whitelist ensures that only companies with sound backing can operate. Furthermore, German players are protected by mandatory limits, such as the €1,000 monthly deposit cap and the €1 per spin limit on slots, all monitored by the LUGAS system. Such a framework makes it nearly impossible for a licensed operator to suddenly collapse without significant regulatory intervention, providing a safety net that is often missing in less regulated markets.

What it means for GGL-licensed casinos

Operators holding a GGL license are held to a much higher standard of transparency than their counterparts in the U.S. or offshore jurisdictions like Curacao. While Persson is able to shuffle assets between companies to manage debt in the U.S., German law requires constant proof of liquidity. For a German customer, playing at a GGL-licensed casino means their funds are protected by national law and government oversight. Choosing a licensed provider over an offshore one is the only way to ensure that a company’s financial troubles don't become the player’s problem. The Maverick Gaming case illustrates why the GGL's strict entry requirements are essential for maintaining a stable and trustworthy gambling market.