Maverick Gaming closes on purchase of Nevada Gold; deal includes nine Washington State card rooms

After revealing in August 2018 that it was in “exclusive discussions” to sell the company, Las Vegas-based Nevada Gold & Casinos, Inc. (NYSE MKT: UWN) and Maverick Casinos, LLC (“Maverick”) have now announced that th 7BALL e sale has been finalized.

The Friday, June 14, 2019, announcement by the two companies confirmed that the purchase of Nevada Gold had been completed by Maverick by way of merger between Nevada Gold and a ‘wholly owned subsidiary of Maverick established for that purpose,’ with a closing price of $2.559333 per share of Nevada Gold common stock.

Nine-card room haul:

As a result of the transaction, the privately-held company will get nine card rooms in the state of Washington, seven of which are in the greater Seattle vicinity, while the other two located in the eastern Tri-Cities area.

Each of the nine card rooms is reportedly eligible for 15 table games.

According to the Globe Newswire release, majority owner of Maverick Gaming and industry veteran, Eric Persson, explained the significance of the acquisition…

“With this purchase, Maverick begins its journey into Washington. This purchase coupled with the three card rooms we are in the process of purchasing from Great American Gaming will give us twelve card rooms and a significant foothold in this market.

“We intend to close the Great American purchase by the end of June, and in fact are looking forward to announcing several other acquisitions in the very near future.”

Key platform:

Adding his perspective regarding the purchase which was agreed to in September 2018, President of Maverick Washington, Tim Merrill, added…

“This purchase gives Maverick 135 table games in this market, and as important a platform for Maverick to grow in this State.

“We look forward to raising the bar by building entertainment destinations that table games will be an element of. It’s no secret that Maverick has over 1200 hotel rooms, and we look forward to adding more and integrating, hotels, food, entertainment and gaming into the same local space.”

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“Our card rooms are neighborhood hangouts, and we look forward to applying our extensive locals experience as we begin to compete in this market,” added Merrill.

Persson added…

“Growing up in Hoquiam, Washington, and as a member of the Shoalwater Tribe I couldn’t be more excited to be back home.”

Maverick Gaming portfolio:

Founded and majority owned by Persson, who previously served as Global SR Vice President of Slots at Las Vegas Sands, and former Vice President of Slots at Bellagio and Marina Bay Sands, Justin Beltram, in addition to the 9 Washington State card rooms, Maverick Gaming currently owns Wendover Nugget Hotel & Casino and Red Garter Hotel & Casino, both located in Wendover, Nevada, and the Red Lion Casino,  Gold Country Casino Resort and High Desert Inn in Elko, Nevada. The card rooms reportedly have about 120 table games.

Great Canadian Gaming deal:

In April 2019, Maverick revealed a purchase agreement with the operator of gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia and Washington State, Great Canadian Gaming Corp. (GC:Toronto) to acquire its three Seattle area cardroom casinos for the purchase price of $56 million – subject to regulatory approvals. The Canadian-based company’s casinos have 45 table games.

The transaction is reportedly pending approval of the Washington State Gambling Commission and has is expected to close soon

According to the news release, Maverick will have some 1,500 slot machines, 200 table games and 1,200 hotel room across the U.S., upon all disclosed acquisitions being consummated.