Maverick Gaming, a casino and cardroom operator based in Washington, has filed for Chapter 11 bankruptcy protection during a challenging time for the business. This filing came shortly after S&P Global Ratings withdrew its ratings on the company, a year after Maverick attempted to restructure its debt.
Maverick Gaming’s Credit Rating Was Revoked
About a year ago, S&P Global Ratings indicated that Maverick Gaming was considering a debt restructuring, leading to a negative outlook from the credit agency. S&P Global Ratings had warned that the operator might default or need to restructure within a year based on its performance. Even with a slight improvement in Maverick’s credit rating from D to CCC, suggesting some confidence, substantial uncertainty and high risk remained. In June 2025, S&P withdrew its ratings for Maverick Gaming due to insufficient information.
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 Rating statement
Maverick Gaming Submitted a Bankruptcy Protection Filing
A month later, in Texas bankruptcy court, Maverick Gaming filed for Chapter 11 bankruptcy protection, citing assets and liabilities between $100 million and $500 million. A hearing is scheduled for today. Analysts attribute Maverick’s difficulties to overly ambitious acquisitions, macroeconomic challenges, and ongoing competition from tribal entities in Washington.
Maverick Gaming operates in Washington, Nevada, and Colorado. In Washington alone, the company manages 17 cardrooms, while its casinos in Nevada and Colorado offer around 2,500 slot machines and 320 gaming tables.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com