American regional casino operator, Maverick Gaming, has announced the signing of a definitive purchase agreement that is due to see it acquire western Washington state’s Wizards Casino for an undisclosed amount.
The Las Vegas-headquartered firm used an official Thursday press release to declare that the deal is expected to be finalized by the end of next month following approval from the Washington State Gambling Commission and will be primarily funded via ‘cash on hand’ and private financing provided by HG Vora Capital Management.
Maverick detailed that it is already responsible for some 17 gambling establishments including eastern Nevada’s Red Garter Hotel and Casino, Red Lion Casino and Wendover Nugget Hotel and Casino and runs approximately 1,500 slots alongside some 225 gaming tables. The enterprise, which additionally operates the Gold Country Casino and Hotel in northern California, was established by industry veterans Justin Beltram and Eric Persson and explained that its property portfolio features a complement of around 1,200 hotel rooms.
According to Persson…
At the same time as revealing the arrangement to purchase the Burien-based casino, Maverick Gaming used the press release to state that it has hopes of being able to acquire four additional Washington cardrooms in addition to ‘another property in Nevada’ by the end of September to help fulfill a goal of having an eventual portfolio of ‘31 casinos in multiple states and jurisdictions.’ From here, it is widely believed that the firm will lobby for the right to bring commercial sportsbetting to ‘The Evergreen State’ in hopes of heading off expected competition from venues in neighboring Oregon, which is close to premiering such services.
“As our footprint grows in Washington, we are very interested in helping the state see the potential tax revenue sports wagering can generate for Washingtonians, which we estimate if done right can be in excess of $50 million annually. We believe our geographic diversity coupled with our sportsbetting expertise make our properties natural partners with the state in sports wagering.”