Operator News
US – Maverick Gaming snaps up Play Elko Casinos in Nevada
By Phil - 3 April 2019
Regional US casino operator Maverick Gaming has bought Red Lion Casino, Gold Country Casino, and High Desert Inn from CC Gaming.
The deal will add over 435 slot machines, 11 table games and 544 hotel rooms to the Maverick portfolio. Terms of the transaction were not disclosed.
Maverick Gaming was founded in 2018 by leading gaming industry veterans Eric Persson and Justin Beltram to be a best-in-class regional owner and operator of gaming assets in North America. The company and its affiliates currently own the Wendover Nugget and Red Garter Hotels in Wendover, Nevada.
Eric Persson, the majority owner of Maverick and its affiliates said: “As Maverick continues to grow and expand our portfolio of regional gaming properties and assets, we are extremely pleased to add Red Lion and Gold Country Casinos, along with High Desert Inn to our company. I admire the work that Navegante Management and gaming consultant firm has done to grow this business and we look forward to building upon the foundation he established.”
Mr. Persson continued, “We believe this purchase puts us in a position to become a significant player in the Northern Nevada market. The Red Lion is the market leader in the Elko market, and this purchase provides us with many synergies with the Wendover market – where we have increased EBITDA by over 80 per cent year-over-year. We have similar expectations for Elko in terms of growth and EBITDA opportunity.”
“Over the next three months we intend to announce many more strategic acquisitions, that will continue to grow and transform Maverick Gaming into a true regional operator.”
Last September the company announced its intention to acquire Nevada Gold & Casinos. The company would expand its portfolio to include nine casino locations, seven of which are in the greater Seattle vicinity, and the other two located in the eastern Tri-Cities area. Combined, the facilities have approximately 120 table games. The transaction is pending the approval of the Washington State Gambling Commission. It is expected to close in the first half of 2019.
Maverick intends to fund this transaction primarily with cash on hand and financing from HG Vora Capital Management, a private investment firm. The transaction is expected to close in May 2018.
