Casino operator closes locations after bankruptcy filing

It's challenging to lose money as a casino operator because the house has a built-in edge.

"Every game in the casino is designed to give the casino an advantage. This is known as

the 'house advantage,'" according to the American Gaming Association (AGA).

Some games, including poker and blackjack, have a skill-based element, but in the end, the house always wins.

"In those games, skilled players can increase their chances of winning, however, their

outcomes also favor the casino over time. The house advantage is a mathematical

certainty that is figured into every casino game," the AGA added.

So, to lose money operating a casino, you basically need to not be able to attract enough customers to cover your overhead, or lose money outside of the gaming floor.

Maverick Gaming, which owns and operates a portfolio of 27 properties across Nevada, Washington, and Colorado with a total of 1800 slot machines, 350 table games, 1020 hotel rooms, and 30 restaurants, filed for Chapter 11 bankruptcy in July.

At the time, the company said it had no plans to close any of its casinos. That has since changed, and it's shutting down Silver Dollar Casino at Washington's SeaTac airport.

Maverick filed for Chapter 11 in July

Maverick Gaming, under its corporate name, RunItOneTime LLC, filed for Chapter 11 bankruptcy on July 14, 2025, according to court documents found on PacerMonitor.

"The decision to initiate this court-supervised process follows a strategic review of Maverick's capital structure and operations," Maverick shared in a press release.

Maverick's filing came after a report from S&P Global Ratings that cast serious doubt on its finances.

"The ratings agency stated that the company's capital structure was 'unsustainable' because high fixed charges, including interest, rent, capital expenditures, and lease costs, outpaced forecasted earnings."

That was followed by an even stronger action by S&P.

In June 2025, S&P Global Ratings withdrew all ratings on Maverick Gaming, including its ‘CCC' issuer credit rating, citing a lack of sufficient information to maintain coverage. At the time of withdrawal, the agency maintained a negative outlook on the company.

The action was later summarized by SCCG Management, a gaming industry advisory firm.

The filing followed an agreement between Maverick and its creditors.

Maverick, a majority of its secured lenders, and its majority shareholder entered into a transaction support agreement on June 25, "pursuant to which certain secured lenders will provide new money financing, and the company intends to pursue a restructuring or sale process under the supervision of the Bankruptcy Court," the company shared.

At the time of the filing, Maverick said it planned to keep all of its locations open.

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"Maverick Gaming's properties remain open and operational, and the company is continuing to deliver the same high-quality gaming and hospitality experience that customers have come to expect," the company shared.

That has changed as the company has notified workers at Silver Dollar Casino in Seattle that it plans to close that location.

Seattle's Silver Dollar Casino closing

"Maverick Gaming is closing the Silver Dollar SeaTac Casino and laying off about 65 employees there," the Puget Sound Business Journal reported.

Maverick disclosed the layoffs in a Worker Adjustment and Retraining Notification filed Tuesday with the state of Washington.

The closure and the layoffs will begin June 30, according to the WARN.

"The WARN said Maverick told the state in September it planned to close the Silver Dollar, located at 19202 Pacific Highway S., in December, but Maverick didn't end up doing so because it was negotiating a sale of the Silver Dollar as part of an ongoing bankruptcy proceeding. The company now plans to close the casino," according to the Puget Sound Business Journal.

Maverick closed four other casinos

This decision follows an earlier move by the company to close the Dragon Tiger Casino in Mountlake Terrace, the Palace Casino in Lakewood, the Silver Dollar in Renton, and the Roman Casino in Seattle.

Those closures were not directly related to the bankruptcy filing. Instead, they happened after the Washington Gaming Commissioners chose to shut down the centralized surveillance petition, which was intended to support Washington Cardrooms," Maverick Gaming stated on its website.

"In the decision considerations, the gaming board compared Washington cardroom casinos (15 tables) to mega casinos that attract higher volumes of traffic, impacting our operations. The lack of centralized and advanced surveillance technology, in contrast to what is available in larger establishments, has further hindered our ability to compete effectively," the company shared.

Maverick Gaming Chapter 11 bankruptcy key facts

• Maverick Gaming filed voluntary Chapter 11 bankruptcy on July 14, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas, the company shared in a press release.
• The filing includes multiple affiliated casino and gaming entities under joint administration in a consolidated restructuring case, according to court documents filed on PacerMonitor.
• The company reported assets and liabilities in the $100 million to $500 million range at the time of filing, added PacerMonitor.
• Maverick said its casinos would remain open and operating during Chapter 11, with employees, vendors, and customer programs continuing in the normal course, according to the company.
• The restructuring is supported by secured lenders and includes debtor-in-possession (DIP) financing, reported PacerMonitor.
  
  The company cited competitive pressure from tribal gaming and broader industry challenges as factors behind the restructuring, added PacerMonitor.
• The PacerMonitor case tracker can be found here.

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This story was originally published April 22, 2026 at 11:41 AM.