Maverick Gaming’s Bankruptcy Reportedly Linked to HG Vora Involvement

Maverick Gaming’s slide into bankruptcy has resurrected questions about the impact of HG Vora Capital Management on the operator’s rapid expansion. Recent reports allege that such involvement contributed to the company’s downfall. While the information remains unconfirmed, it raises questions about the influence investment firms have over the strategic decisions of gaming operators.

Maverick’s Ambitious Expansion Led to Overextension

According to industry sources who spoke on a confidential basis to news outlet NEXT.io, HG Vora’s early financial backing and reported influence may have steered Maverick toward high-risk strategies that led to the company’s eventual downfall. The investment firm, a prominent player in the gaming and hospitality industries, allegedly supplied crucial initial financing to Maverick.

Sources now indicate that HG Vora might have advocated for a sale-leaseback structure as a means of recovering its capital, burdening Maverick’s already stressed balance sheet. HG Vora’s investment stake reportedly started decreasing around 2021. Maverick Gaming founder Eric Persson admitted in an interview with The Nevada Independent that the investment fund had retained some involvement, participating in a Deutsche Bank refinancing round.

Maverick Gaming pursued an aggressive expansion plan over the past few years, buying up card rooms and regional casino assets in Nevada, Washington, and Colorado. But the hectic pace of acquisitions, coupled with accelerating operating costs, created a shaky financial base that was unable to withstand macroeconomic shocks and intense tribal gaming rivalry, especially in jurisdictions like Washington.

The Operator’s Future Remains Uncertain

Despite signs of financial distress, Maverick continued making deals following the exit of HG Vora. In 2022, the operator paid $80.5 million in cash to acquire Evergreen Gaming Corporation, further raising eyebrows among financial analysts who had already begun sounding the alarm. By mid-2024, S&P Global Ratings flagged Maverick’s debt position as precarious.

In July 2025, Maverick entered Chapter 11 proceedings in Texas, listing assets and liabilities between $100 million and $500 million. It is yet unclear what will happen to the operator’s hundreds of gaming tables and thousands of slot machines. Meanwhile, the extent of HG Vora’s role in Maverick’s financial decisions, particularly during the crucial period leading up to the bankruptcy, remains unclear. 

As Maverick remains on the precipice, creditors and regulators will likely carefully examine how investment firms could influence the decision-making process of gaming operators in tightly regulated, high-stakes markets. HG Vora’s alleged involvement in this cautionary tale could also further influence its growing infamy, particularly as the firm prepares to clash in court with PENN Entertainment.