Maverick Gaming just keeps growing. The Washington State Gambling Commission approved Maverick’s acquisition of Evergreen Gaming Corporation.
The purchase adds four Washington card rooms to Maverick’s portfolio. The company now runs 22 card rooms in the state. Maverick CEO Eric Persson said in a statement that buying Evergreen is an important part of the company’s plan for the region.
“Strategically this acquisition is crucial to Maverick’s continued dominance in Washington State. We expect there to be enormous consolidation as well as operational and marketing benefits to our company as a result of this transaction.
Maverick will move swiftly to integrate these two companies in all aspects, and we expect to see benefits from this purchase by January.”
Maverick acquired Evergreen for $80.48 million.
Four Washington card rooms are all in the Seattle-Tacoma area
Of the 22 card rooms that Maverick owns, 20 are in the Sea-Tac region, including the four former Evergreen properties:
- Chips Casino and Palace Casino (Lakewood)
- Goldies Casino (Shoreline)
- Riverside Casino (Tukwila)
The acquisitions will boost the company’s workforce by 684 employees. More than 500 of those new employees will be union workers, the company’s statement said. The company has a close relationship with the Teamsters Local 117 union.
Of the three states in which Maverick operates (Washington, Nevada, Colorado), Washington has the most table games and employees. Additionally, its new acquisitions may push the total square footage it operates in the state past its Nevada holdings.
Additionally, the more than 680 employees it adds to its workforce pushes its total employees in Washington to nearly 3,000.
Overall, Maverick now has 31 properties, including hotels, manufacturing companies, and casinos. Here’s how their holdings look across all three states:
|Casino Square Feet||>150,000||~165,000||~45,000|
|Hotel Rooms & Suites||N/A||895||119|
|Food & Beverage Outlets||19||12||3|
The Evergreen acquisition now makes Maverick the majority operator of the state’s card rooms. It owns 22 of the 38 operational Washington Card rooms.
Newly acquired casinos will provide a solid revenue boost
The Washington State Gambling Commission’s last published card room revenue report from the pre-pandemic era was in 2019, and the numbers are, generally speaking, a good omen for Maverick.
That year, more than 20% of the state’s cardrooms posted losses. All four properties that Maverick acquired were in the black. Riverside Casino brought in the third-most revenue that year. Goldies was seventh, Chips was 10th, and Palace was 15th.
The picture wasn’t quite as pretty in 2020. Revenue from gaming facilities has been exceeding their pre-pandemic levels. And now the new properties should provide a healthy boost to Maverick’s bottom line.
As for the company’s long-term plans, we should see more news of Maverick’s growth. The plans to invest $500 million “in licensed cardrooms and planned hotel and entertainment developments across the state.”