Maverick Gaming Shuts Down Two More Washington Casinos

Maverick Gaming will close two additional casinos in Washington state, eliminating 132 jobs as the company continues financial restructuring under Chapter 11 bankruptcy protection. The closures affect Silver Dollar Mill Creek Casino in Mill Creek and Crazy Moose Mountlake Casino in Mountlake Terrace, with layoffs scheduled to take effect on 31 July according to Worker Adjustment and Retraining Notification (WARN) Act filings. Additionally, these closures represent the third round of workforce reductions, bringing total announced layoffs to 188 positions across multiple Washington locations.

The Kirkland-based casino company announced the closures on Friday, submitting Worker Adjustment and Retraining Notification filings that detailed the scope of workforce reductions at both properties. These filings provide legally required advance notice to affected workers, giving employees time to prepare for the transition scheduled for late July.

Chapter 11 Bankruptcy Drives Continued Financial Restructuring

RunItOneTime LLC, operating as Maverick Gaming, filed for Chapter 11 bankruptcy protection on 14 July 2025 in the U.S. Bankruptcy Court for the Southern District of Texas. The voluntary filing came after a strategic review of the company’s capital structure and operations, marking a critical juncture for the regional gaming operator that had expanded rapidly across multiple states since its 2017 founding. The bankruptcy petition listed between $100 million and $500 million in liabilities, with actual secured debt totaling approximately $306 million across multiple loan facilities.

The decision to seek court-supervised restructuring followed the execution of a transaction support agreement on 25 June 2025 between Maverick, a majority of its secured lenders, and its majority shareholder. Under this agreement, certain secured lenders committed to provide new money financing while the company pursued either a restructuring or sale process under bankruptcy court supervision. Jeff Seery, Chief Restructuring Officer of Maverick Gaming, stated the company remained committed to customers, employees, and partners, expressing hope the process would allow the business to right-size operations and preserve stakeholder value.

The bankruptcy court granted final approval to a debtor-in-possession financing package totaling $46.50 million in new money. The company initially drew $8.50 million from a $25.50 million financing arrangement to continue operations, including payroll for its 2,900 employees. Southern District of Texas U.S. Bankruptcy Judge Alfredo R. Pérez presided over the case, which involved 67 affiliated debtors filing voluntary petitions. The court established a general claims bar date of 19 November 2025 and a governmental bar date of 12 January 2026.

What Financial Pressures Triggered the Bankruptcy Filing?

Multiple financial pressures converged to render Maverick Gaming’s capital structure unsustainable, with the company’s adjusted EBITDA plummeting from $52.10 million in 2021 to just $16.50 million in 2023. This 68% decline over two years created a severe mismatch between operational cash generation and the company’s substantial debt service obligations. The financial deterioration stemmed from pandemic impacts, operational missteps, intensified competition, and an overleveraged balance sheet that could not withstand sharp profitability declines.

he regulatory environment in Washington proved a major obstacle for Maverick Gaming, creating what the company described as an uneven playing field that contributed materially to its financial distress. Regulatory setbacks in both federal and state arenas limited revenue opportunities, increased operational costs, and ultimately drove property closures that reduced the company’s operational footprint.

Maverick filed a federal lawsuit in January 2022 challenging Washington’s tribal gaming exclusivity, seeking the right to offer sports betting and other games prohibited to non-tribal operators. The company claimed that Washington state regulations allowing only Native American casinos to operate certain games such as slot machines and sports betting were unfair to non-tribal casino operators. This legal challenge targeted what Maverick characterized as a discriminatory tribal gaming monopoly, arguing that federal policies supporting tribal gaming exclusivity violated principles of equal treatment.