American regional casino operator Maverick Gaming has announced the signing of a definitive purchase agreement to acquire Wizards Casino in the western state of Washington for an undisclosed amount.
The Las Vegas-based company announced in an official press release on Thursday that completion of the deal is expected to be approved by the Washington State Gambling Commission late next month. Funding is mainly through cash on hand and private funds provided by HG Vora Capital Management.
Maverick said it already has 17 gambling establishments, including Red Garter Hotel and Casino in eastern Nevada, Red Lion Casino and Wendover Nugget Hotel and Casino. It operates around 1,500 slot machines at 225 gaming tables. The company, which also operates the Gold Country Casino and Hotel in Northern California, was founded by industry veterans Justin Beltram and Eric Persson and stated that its property portfolio includes approximately 1,200 hotel rooms.
According to Persson …
“Today, we continue our commitment to the state of Washington and the cardroom industry. Wizards Casino is located in suburban Seattle, and our presence in this important market is growing again. “
At the same time as announcing the agreement to purchase the Burien-based casino, Maverick Gaming stated in the press release that it hopes to acquire four more cardrooms in Washington by the end of the year in addition to a “different property in Nevada” help achieve the goal of a potential portfolio of 31 casinos in multiple states and jurisdictions. From here, it is widely believed that the company will champion the right to bring commercial sports betting into “The Evergreen State”, hoping to move away from the anticipated competition from venues in neighboring Oregon just before the premiere of such services stands.
“With our footprint growing in Washington, we’re very interested in helping the state identify the potential tax revenue that can be generated through sports betting for the Washingtoners. If done correctly, we estimate that this could amount to more than $ 50 million a year. We believe that our geographic diversity combined with our sports betting expertise makes our properties natural partners with the sports betting state. “