July 15, 2025
Maverick Gaming Faces Financial Challenges Leading to Bankruptcy
Maverick Gaming, a casino and cardroom operator based in Washington, has officially filed for Chapter 11 bankruptcy protection. This move comes after a difficult period for the company, closely following the withdrawal of its credit rating by S&P Global Ratings. The filing highlights ongoing financial struggles and comes roughly a year after the company initially pursued efforts to restructure its debt.
Withdrawal of Credit Rating Signals Financial Uncertainty
Nearly a year ago, S&P Global Ratings indicated that Maverick Gaming was considering a debt restructuring plan. This speculation led to a negative outlook from the credit agency regarding the company’s financial stability.
At the time, S&P mentioned that depending on Maverick’s future business performance, it could either default or undergo restructuring within the next twelve months. Despite these risks, the agency raised Maverick’s credit rating slightly from D to CCC, signaling a cautious confidence but still pointing to substantial uncertainty and heightened risk.
In June 2025, due to insufficient information to accurately assess the company, S&P Global Ratings withdrew all of its ratings on Maverick Gaming. The agency noted that the company’s outlook had been negative at the time of the rating withdrawal.
“S&P Global Ratings today withdrew all its ratings on Maverick Gaming LLC, including the ’CCC’ issuer credit rating, because of a lack of sufficient information to maintain the ratings. At the time of the withdrawal, our outlook on the company was negative.”
S&P Global Ratings statement
Bankruptcy Filing Details and Industry Context
Following the credit rating withdrawal, Maverick Gaming filed for Chapter 11 bankruptcy protection in a Texas bankruptcy court. The company reported having total assets and liabilities estimated between $100 million and $500 million. A court hearing regarding the filing was scheduled shortly after.
Market analysts attribute Maverick’s financial difficulties to aggressive acquisition strategies that may have overextended the company, alongside broader economic factors and intense competition, especially from tribal gaming operators in Washington, its home state.
Maverick Gaming’s operations span Washington, Nevada, and Colorado. It owns 17 cardrooms within Washington, while its casinos in Nevada and Colorado collectively feature around 2,500 slot machines and 320 gaming tables, underscoring its significant footprint in the regional gaming market.
