Maverick Gaming, the casino and cardroom operator that owns a portfolio of more than 30 properties across the U.S., has filed for Chapter 11 bankruptcy.
The operator made the filing in Texas this week, according to Bloomberg. It has listed assets in the range of $100 million to $500 million in the filing with the U.S. Bankruptcy Court of Southern District of Texas.
Maverick Gaming made the bankruptcy move despite undertaking a debt restructuring last year. The restructuring granted the operator access to additional funds as well as a two-year extension for its debt.
The loan also made an allowance for a payment-in-kind arrangement, where Maverick was able to pay interest with principal instead of cash. It also required cash interest starting in Q1 of the current year.
Weak Economy Hits Maverick Gaming
The debt exchange was detailed in a report by S&P Global Ratings. The same publication also set out how the operator suffered from a weaker local economy, as layoffs from within the technology industry hit its customer base.
Maverick Gaming owns and operates casinos, restaurants and hotels in Nevada, Washington and Colorado. Court documents said its holdings include approximately 2,500 slot machines, 320 table games and 1,200 hotel rooms.
Among its venues are Wendover Nugget Hotel & Casino, Maverick Casino & Hotel Elko and Gold Country Casino, all of which are located in Nevada.
