Maverick Continues Shopping Spree, Scoops up Three Colorado Casinos in Deal With CC Gaming

Posted on: October 2, 2019, 11:11h. 

Last updated on: October 2, 2019, 02:27h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Maverick Gaming LLC, a closely held regional company, is continuing its recent slew of purchases by acquiring CC Gaming LLC, Colorado’s largest operator of smaller, local casinos.

Maverick Gaming is making a Colorado splash, buying three casinos there, including the Grand Z. (Image: YouTube)

As part of the deal, Maverick will get CC’s gaming and non-gaming assets, including three Centennial State casinos and a convenience store/gas station. Financial terms of the transaction weren’t disclosed. The gaming properties Maverick is gaining are the Grand Z Casino Hotel in Central City, Johnny Z’s Casino in Central City, and the Z Casino in Black Hawk.

With its initial move into Colorado, Maverick gains 1,500 slot machines, 20 table games, and nearly 120 hotel rooms. The purchases from CC Gaming are expected to close in November, pending approval of the Colorado Limited Gaming Control Commission.

We believe this purchase puts us in position to become a significant player in the Colorado gaming market, with an emphasis on Denver,” said Eric Persson, the majority owner of Maverick, in a statement.

By Interstate 70 West (I-70 W), Blackhawk, Colo. and Central City, Colo. are less than an hour away from Denver.

Spreading Out

Nevada-based Maverick owns five gaming properties in its home state – three in Elko and two in West Wendover. That roster includes the Red Garter Hotel & Casino, Gold Country Casino, and the High Desert Inn.

Prior to the announcement of the CC Gaming deal, Maverick’s expansion beyond Nevada has focused on Washington, where the company has rapidly become one of the largest operators of local casinos. On Tuesday, Maverick said it finalized an agreement to buy five Evergreen State cardrooms – Macau Casino in Lakewood, the Macau Casino in Tukwilla, the Caribbean Casino in Kirkland and the Caribbean Cardroom in Kirkland, and the Caribbean Casino in Yakima.

Maverick now controls 19 cardrooms and nearly 300 table games in Washington, and the company is also mulling gaming projects in the Everett, SeaTac, and the Tri Cities areas.

HG Vora, a hedge fund, which recently provided financing to Maverick for the acquisition of the Wizards Casino in Burien, Washington, is doing the same for the gaming operator’s Colorado deals.

Colorado Call

Amid its spate of recent Washington acquisitions, Maverick mentioned it is positioning itself for the possibility of sports betting being legalized there, something that appears unlikely to happen before 2021.

However, the company could find greener sports wagering pastures in Colorado. In November, voters there will consider Proposition DD, a ballot initiative that would approve sports betting to raise revenue for the state’s water program.

For now, Persson is focusing on Maverick’s opportunities in the Denver region, the largest metropolitan area in which the company currently has a presence.

“Given Denver’s growing population of nearly three million people, limited gaming distribution, and a thriving economy, we believe we can add value to the Denver gaming market, which we intend to invest in as owner-operators,” he said.

The Maverick founder added the company intends to continue growing its stable of gaming properties, but he didn’t mention specific regions or states where that could happen.