Nevada-based Maverick Gaming last week announced the completion of its purchase of the Wizards Casino in Burien, Washington for an undisclosed price. These purchases serve a mainly Seattle market.
The privately owned empire-building Maverick, led by CEO Eric Persson, rounded out a series of purchases it has made in the state, giving it 20 medium-sized properties. Persson announced, “This purchase gives Maverick 20 casinos in Washington and 300 table games in this market. Importantly, our large portfolio of casinos in Washington makes Maverick uniquely situated from a distribution standpoint should sports wagering become legalized.”
Persson is not waiting idly by for sports betting to be legalized. He is lobbying the state legislature.
Persson added, “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 $50m annually. We believe Maverick’s geographic diversity coupled with our sports betting expertise make the Maverick properties natural partners with the state in regard to sports wagering.”
Maverick, which Persson and Justin Beltram founded less than two years ago, already has properties in three states, including Nevada and Colorado, with ambitions to acquire properties in the Reno-Tahoe area and to enter the Louisiana market. In Colorado he recently announced three acquisitions near the Denver market. Those purchases will be on the Colorado Division of Gaming’s agenda for approval next month.
In a recent interview Persson said “Our sweet spot is $2 million to $30 million EBITDA for each property.”
