Maverick Co-Founder Moves to Buy Back Two Elko Casinos
Persson activated a similar plan in Washington with plans to buy back eight casinos
Eric Persson, the Maverick Gaming co-founder, is moving to buy back the Maverick Casino Hotel and the Gold Country Inn and Casino in Elko in a deal he says should keep both properties operating.
He told the Las Vegas Review-Journal the transaction is expected to close within about three weeks, although he did not disclose terms. The casinos are now being managed by RRC Gaming Management, led by former Caesars Entertainment chief executive Tony Rodio.
Buyback in Motion
Persson said the unusual structure reflects his effort to recover the brand and assets from lenders after a Chapter 11 process. This was a process in which the company declared bankruptcy in July of last year.
“I signed a transition service agreement with my lenders and basically am getting all the assets back,” he said. He added: “Everyone’s goal is to get these assets out of Chapter 11 as fast as possible.”
The planned repurchase comes after worker-adjustment notices warned that the two Elko properties could close by 30 November.
According to the notices, the Maverick Casino Hotel employs 198 people and Gold Country has 41 staff. Persson said those employees would technically lose their jobs before being rehired by the new ownership, allowing the properties to remain open rather than shut down.
Also in Washington
The move echoes Persson’s earlier approach in Washington state, where he set out plans to buy back casinos that were facing closure and kept them trading.
In that case, eight properties in Lakewood, Everett, Silverdale, Yakima, Pasco and Kennewick remained open and about 850 jobs were preserved across gaming, food service, security and management.
