Casino bankruptcy filings have not been a common occurrence in the last 10 years.
The last major casino operator bankruptcy was Caesars Entertainment, then-owned by Apollo Global Management and TPG Capital, which filed for Chapter 11 in January 2015 with about $16 billion in debt.
RunItOnTime LLC, the parent of a much smaller casino operator Maverick Gaming, filed for bankruptcy protection on July 14, 2025, and has closed facilities as part of its reorganization.
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Maverick Gaming closes 2 casinos
Maverick Gaming revealed that it is closing two casinos in Tukwila, Wash., and laying off 238 employees, according to Worker Adjustment and Retraining Notification notices filed with the Washington Employment Security Department.
The debtor’s affiliate, Maverick Washington LLC, will close its Great American Casino and Riverside Casino in Tukwila by Nov. 1, 2026, according to the WARN notices filed on Aug. 31, 2026.
The casino operator will lay off 142 employees of the Riverside Casino and 96 workers at the Great American Casino, the notices said.
Operator closes other venues
The closing of the Tukwila casinos will come just three months after Maverick closed the Silver Dollar Casino Mill Creek in Bothel, Wash., laying off 41 workers, and the Crazy Moose Casino Mountlake in Mountlake Terrace, Wash., laying off 82 employees, both on July 31. The casino operator also closed the Silver Dollar SeaTac Casino in September 2025, laying off about 65 employees.
Maverick Gaming operated 24 casinos in Nevada, Colorado, and Washington and one gas station/convenience store in Nevada and another in Colorado, when it filed for bankruptcy protection.
Company buys undervalued properties
The debtor was founded in 2017 by former Las Vegas Sands executives Eric Persson and Justin Beltram, who purchased undervalued gaming assets and implemented operational changes seeking to improve profitability, according to a declaration by Maverick Chief Restructuring Officer Jeff Seery.
“Despite successes in turning around many of the gaming assets it has acquired, the company has faced a variety of factors that have severely limited its growth in the last few years, precipitating the current financial distress and inability to address its capital structure that have led to commencement of these Chapter 11 cases,” Seery said in the bankruptcy declaration.
The Kirkland, Wash., debtor blamed significant competition from tribal casinos in Washington, operational misalignments, and industry headwinds for its distress, according to the declaration. It also cited liquidity pressure arising from debt service obligations from its $305.8 million prepetition credit facility, which is secured by substantially all of the debtor’s assets.
Minimum wage jumps 46%
The Tukwila casinos also had a significant labor cost increase as the city’s minimum wage increased by 46% between 2022 and 2025, while the remainder of Washington state only increased by 15%, according to the declaration.
RunItOnTime Holdco Inc. is the ultimate parent of all of the debtor’s entities, except for licensed operator affiliate debtors that hold the gaming licenses of the casino businesses.
Persson holds 57.9% ownership of RunItOnTime’s outstanding common stock, while Bertram holds 12.8%. Persson owns 100% of the equity in the licensed operator affiliate debtors.
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