Maverick Gaming co-founder Eric Persson is in the process of reacquiring two casinos in Elko, Nevada, in a move aimed at keeping the properties open after the properties warned of possible closure by November 30.
Persson, a Las Vegas professional poker player, told the Las Vegas Review-Journal that he is acquiring the Maverick Casino Hotel and the Gold Country Inn and Casino. The transaction is expected to be completed within three weeks, although its financial terms have not been disclosed. Nevada gaming regulators are monitoring the deal.
Two Worker Adjustment and Retraining Notification notices filed with the Nevada Department of Employment, Training and Rehabilitation last week warned that the properties could close by November 30.
Persson said the transaction was unusual because he was buying back his name and brand from lenders. His reacquisition of the Maverick brand at an auction would enable him to keep the two casinos operating.
“I signed a transition service agreement with my lenders and basically am getting all the assets back,” Persson said.
The properties are currently managed by RRC Gaming Management LLC under former Caesars Entertainment CEO Tony Rodio.
The Maverick Casino Hotel employs 198 people, while the Gold Country Inn and Casino has 41 employees. Persson said the workers would technically lose their jobs but would be rehired under the new ownership.
“Everyone’s goal is to get these assets out of Chapter 11 as fast as possible,” he said, referring to the bankruptcy proceedings.
The planned acquisition follows a similar strategy Persson said he used in Washington state, where eight casinos facing possible closure remained open. That effort preserved 850 jobs across gaming, food service, security and management, including positions for dealers, cooks, servers, bartenders, cashiers and supervisors.