Maverick Gaming LLC has announced that it’s closed on the purchase of all shares and assets of Great American Gaming Corp. (GAG), the U.S. affiliate of Great Canadian Gaming Corp.
The assets include three card rooms located in Everett, Tukwila and Lakewood in the Seattle, Washington area. The transaction includes 45 table games, four restaurants, three bars and supporting amenities. The purchase price was $56 million.
“With the closing of this purchase, Maverick’s footprint in Washington continues to grow,” said Eric Persson, majority owner of Maverick Gaming. “We now have 12 properties, nearly 180 table games in this important market.
“As a Washington native, and a member of the Shoalwater Tribe, I couldn’t be prouder to be able to come back home,” said Persson. “When all of our contemplated Washington transactions close, we will provide over 3,000 jobs which have annual compensation above $75,000 and pay over $40 million in annual taxes. This is truly a dream come true.”
Maverick intends to fund the GAG transaction primarily with cash on hand and debt financing from HG Vora Capital Management, a private investment firm.
“In the next month, we expect to give details on seven more Washington properties, and we look forward to competing in this robust market,” said Tim Merrill, president of Maverick Washington. “With 4.6 million residents and a strong local economy, we couldn’t be more excited to close this transaction.”
On July 2, Maverick disclosed the first of those seven transactions with the announcement that it will buy the Roman Casino in the Seattle vicinity, once again funding the acquisition with cash and debt financing.
“We look forward to elevating the card room experience in this state,” said Merrill. “As our cardroom footprint grows, customers will achieve significant player benefits, such as the ability to earn points at one property and redeem at another. We also intend to develop hotels in the Seattle market, which are badly needed, and customers will be able to redeem points for room nights as well.”
