Persson moves to buy back two Elko casinos from lenders

Maverick Gaming co-founder Eric Persson is working on a deal to take back the Maverick Casino Hotel and the Gold Country Inn and Casino in Elko, he told the Las Vegas Review-Journal. He expects the transaction to be completed in roughly three weeks, though he did not disclose terms. RRC Gaming Management, which is led by former Caesars Entertainment chief executive Tony Rodio, currently manages the casinos.

According to Persson, the deal's unusual structure is intended to recover the brand and assets from lenders following a Chapter 11 process. The company declared bankruptcy in July of last year during that process. He said he signed a transition service agreement with his lenders and is essentially getting all the assets back. He also said: “Everyone’s goal is to get these assets out of Chapter 11 as fast as possible.”

Worker-adjustment notices had warned that both Elko properties might shut by 30 November, and the repurchase plan comes after those notices. The notices state that Gold Country has 41 staff and the Maverick Casino Hotel employs 198 people. Persson said the employees would technically lose their jobs and then be rehired by the new ownership, which would let the properties stay open instead of closing.

Persson took a comparable route in Washington state, where he announced plans to repurchase casinos that were set to close and to keep them running. Eight properties there stayed open in Lakewood, Everett, Silverdale, Yakima, Pasco and Kennewick, and roughly 850 jobs were retained in gaming, food service, security and management.