In a bold gamble to reshape its fate, Maverick Gaming LLC, a casino and hotel operator with properties across Nevada, Colorado, and Washington, filed for Chapter 11 bankruptcy protection Monday in Texas, seeking shelter under the shadow of a yearslong legal battle against tribal gaming exclusivity in Washington state.

The company, which includes over 60 affiliated entities, disclosed in its bankruptcy petition that it holds more than $100 million in liabilities—but also over $100 million in assets. It secured a $22.5 million debtor-in-possession financing package to keep operations rolling while it pursues a sale strategy.

The filing landed in the U.S. Bankruptcy Court for the Southern District of Texas, and the case is now before Judge Alfredo R. Perez. A first-day hearing is scheduled for Tuesday.

A Web of Casinos, Cardrooms, and Controversy

Maverick isn’t just another casino operator. It runs a sprawling network of gambling and hospitality businesses, including casinos, card rooms, hotels, and even a gaming fabrication and installation operation, according to court filings. The enterprise employs approximately 2,900 workers, making its potential restructuring impact felt across three states.

But what truly sets Maverick’s case apart is the storm swirling outside the bankruptcy courtroom.

High Stakes Legal Showdown with Tribal Gaming Authorities

Since 2022, Maverick has been embroiled in litigation against the U.S. Department of the Interior and Washington state officials, challenging exclusive Class III gaming and sports betting rights granted to 29 Native American tribes.

In its July 2023 amended complaint, Maverick lashed out at what it called a "discriminatory tribal gaming monopoly" — a compact system it alleges bars non-tribal operators like itself from offering competitive services.

But so far, the courts have sided with the tribes. A federal district judge dismissed Maverick’s claims in February 2023 after the Shoalwater Bay Indian Tribe argued that victory for Maverick would “cripple the tribe’s economy.” The Ninth Circuit upheld that dismissal in December 2024, prompting Maverick to file a petition for review with the U.S. Supreme Court in May.

Terms of Bankruptcy Strategy Remain Murky

Though Maverick cited a “transaction support agreement” in one of its initial motions, details of that plan were not revealed in Monday’s filings. Still, the company's direction appears focused on executing a sale, potentially positioning the business for a strategic reboot amid its larger legal ambitions.

Representatives for Maverick have yet to comment on the filing.

The Legal Roster Behind the High-Rolling Fight

The debtors are represented by a seasoned bench of restructuring counsel:

• Hunton Andrews Kurth LLP: Timothy A. Davidson II, Ashley L. Harper, and Philip M. Guffy

• Latham & Watkins LLP: Jeffrey E. Bjork, Helena G. Tseregounis, Nicholas J. Messana, Ray C. Schrock, and Andrew Sorkin