Maverick Gaming, a Washington-based casino and card-room operator with a portfolio that includes five properties in Nevada, filed for Chapter 11 bankruptcy protection on Monday following a debt restructuring completed last year. The company reported total liabilities and assets between $100 million and $500 million in filings with the U.S. Bankruptcy Court in Texas.
Among Maverick’s Nevada holdings are the Wendover Nugget Hotel & Casino and Red Garter Hotel & Casino in West Wendover, as well as the Maverick Casino & Hotel Elko, Gold Country Casino and High Desert Inn in Elko.
Maverick’s struggles reflect broader challenges that have hit its operations in Washington state, where four casinos recently closed amid economic slowdowns and high operating costs. Although no closures have been announced in Nevada, the company’s financial difficulties could affect its Nevada properties going forward.
The company had secured new financing and extended its debt maturity in 2024 through a debt exchange with payment-in-kind provisions, but rising cash interest obligations beginning this year contributed to its bankruptcy filing.
The case is filed in the U.S. Bankruptcy Court for the Southern District of Texas.
Sportsbook wallet
Las Vegas visitors who want to bet on sports can now use the same Caesars Sportsbook wallet they use back home, thanks to a new update that links mobile accounts and rewards across nearly 20 states.
The new feature offers convenience for sports bettors in Nevada, who can now use a single account and digital wallet to place bets, manage funds and redeem rewards.
“We’re always looking for ways to make things easier and more seamless for our players,” said Eric Hession, president of Caesars Digital. “The launch of our universal wallet in Nevada is a significant step forward and a long-anticipated enhancement that brings greater convenience and connectivity to our mobile app.”
Universal wallet functionality is currently available through Caesars Sportsbook in 18 U.S. jurisdictions other than Nevada. They are Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, New York, North Carolina, Ohio, Tennessee, Virginia, Washington D.C., West Virginia and Wyoming.
Reno-based Caesars Entertainment said it plans to add universal wallet functionality to additional North American markets in the future.
Caesars operates eight casino resorts on the Las Vegas Strip.
BetMGM Sportsbook, a jointly owned venture between Las Vegas-based MGM Resorts International and Entain plc, launched a universal wallet feature ahead of the 2024-25 NFL regular season. MGM Resorts operates nine casino resorts on the Strip.
Nevada law requires mobile sports bettors to register in person at a retail location.
Analysts applaud Boyd’s sale of FanDuel stake
Boyd Gaming Corp. cashed in on its 5 percent FanDuel stake, selling it to Flutter plc (FanDuel’s parent company) for $1.76 billion. The Las Vegas-based gaming company said it was planning to use that big payday to pay down debt and clean up its balance sheet.
Barry Jonas from Truist called it a “win/win,” saying Boyd will save $80 to 85 million a year on interest, even though their online earnings take a hit. CBRE’s John DeCree says this deal seriously lowers Boyd’s debt load and keeps the company in good shape for future moves.
David Katz at Jefferies says Boyd’s FanDuel stake was an underrated asset that finally got its spotlight. The new market deal is not as favorable as before, but it still guarantees some solid income, he suggested.
Flutter now owns 100 percent of FanDuel and expects to save $65 million a year in fees. The Dublin-based publicly traded company took out a $1.75 billion loan to fund the deal, which bumps their debt a bit but gives them a clearer shot at growth.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
