Maverick Gaming Files for Bankruptcy After Its Credit Rating Was Revoked  

Washington-headquartered casino and cardroom operator Maverick Gaming has filed for Chapter 11 bankruptcy protection amid a troubled period for the company. This came shortly after S&P Global Ratings withdrew its ratings on the company and a year after Maverick sought to restructure its debt.

Maverick Gaming’s Credit Rating Was Revoked

Approximately a year ago, S&P Global Ratings suggested that Maverick Gaming was contemplating a debt restructuring. This eventually triggered a negative outlook on the credit agency’s outlook on Maverick.

At the time, S&P Global Ratings noted that the operator may default or restructure within the next 12 months, depending on its business performance. Despite that, the agency improved Maverick’s credit rating slightly from D to CCC. Although this figure suggested certain confidence in the business, it still highlighted significant uncertainty and elevated risk.

In June 2025, S&P withdrew its ratings on Maverick Gaming due to a lack of information.

S&P Global Ratings today withdrew all its ratings on Maverick Gaming LLC, including the ’CCC’ issuer credit rating, because of a lack of sufficient information to maintain the ratings. At the time of the withdrawal, our outlook on the company was negative.

S&P Global Rating statement

Maverick Gaming Submitted a Bankruptcy Protection Filing

A month later, Maverick Gaming filed for Chapter 11 bankruptcy protection. Filed in a Texas bankruptcy court, the filing suggested that Maverick had total assets and liabilities of between $100 million and $500 million. A hearing is set to take place today.

Analysts argued that Maverick’s trouble was due to its over-ambitious acquisitions, various macroeconomic headwinds, and continued competition from tribal entities in its home state.

For context, Maverick Gaming operates in Washington, Nevada and Colorado. In its home state alone, the company runs 17 cardrooms. Its casinos in Nevada and Colorado sport a combined total of approximately 2,500 slot machines and 320 gaming tables.