Washington-based Maverick Gaming sold its Macau Casino in Lakewood, Washington for $22.1 million, more than tripling its $6 million investment. It was sold to Chicago-based Oak Street Real Estate Capital. The transaction took place on September 2, according to county records.
The Macau is a 10,747 square-foot property on 2.8 acres. Maverick was able to acquire it at such a bargain price because its previous owners lost their gaming licenses after an investigation by the Washington State Gambling Commission into alleged loansharking and money laundering.
Maverick, based in Kirkland, Washington, operates 18 casinos in that state, 10 in Nevada and four in Colorado. It was founded by Eric Persson and Justin Beltram, both former upper-echelon Las Vegas casino executives.
It is currently involved in a federal lawsuit against the state over its sports betting law that only allows tribal casinos to operate sportsbooks. The lawsuit, filed in January, claims the law violates the constitutional rights of commercial casinos.
Oak Street Real Estate was founded in 2009 by Mark Zahr. Its specialty is to acquire real estate from struggling retailers and rent the properties back to them.
