Las Vegas-based casino operator Maverick Gaming will add a third state to the company’s growing portfolio following the purchase of a Colorado casino operator, which includes the company’s gaming and non-gaming businesses.
Maverick, which currently operates four casinos in rural Nevada and will soon operate 19 card room casinos in Washington, said late Monday it is purchasing Colorado-based CC Gaming, which includes Z Casino in Black Hawk; Grand Z Casino Hotel in Central City; Johnny Z’s Casino in Central City; and Z Stop Convenience Store and Gas in Golden.
The transaction will add more than 1,500 slot machines, 20 table games and 119 hotel rooms to the company’s portfolio. A purchase price was not disclosed.
In an email, Maverick CEO Eric Persson said the deal has been placed on the November agenda for the Colorado Division of Gaming. The deal also requires approval of the Colorado Limited Gaming Control Commission and is expected to close this year.
The privately-held Maverick has been one of the most active casino operators in the acquisition market this year. The company, which owns four casinos in the Nevada communities of Elko and Wendover, has struck several transactions for card room casinos in Washington, primarily in the Seattle market. Once the company’s pending deals close, Maverick’s northwest operations will cover nearly 300 table games.
Persson, the majority owner of Maverick, said the Colorado deal “puts us in position to become a significant player in the Colorado gaming market.” Black Hawk and Central City draw a large portion of their customer base from Denver.
“Given Denver’s growing population of nearly three million people, limited gaming distribution, and a thriving economy, we believe we can add value to the Denver gaming market, which we intend to invest in as owner-operators,” Persson said.
CC Gaming is owned and operated by John Zimpel, who said he believes “Maverick will be a great owner and operator” and that he “looks forward to a smooth transition.”
Added Persson, “I admire the work that John has done to grow his casino business and we look forward to building upon the foundation he established.”
Maverick intends to fund this transaction primarily with cash on hand and financing from HG Vora Capital Management, a private investment firm.
Persson and Justin Beltram founded Maverick Gaming in 2017.
#newsroom – Las Vegas-based casino operator Maverick Gaming adds third state through purchase of Colorado casino operator. –@howardstutz, CDC Gaming Reports. https://t.co/8DwfO0UVyY #CDCgaming
— CDC Gaming Reports (@CDCNewswire) October 1, 2019
The company owns the Wendover Nugget and Red Garter hotels in Wendover, Nevada, and the Red Lion Casino, Gold Country Casino, and High Desert Inn, all located in Elko, Nevada. The Nevada properties total 1,200 hotel rooms and 1,500 slot machines.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
