The owner of two Tri-City gambling rooms has filed for bankruptcy, with financial records indicating years of declining revenue and climbing debts.

Maverick Gaming, which owns Coyote Bob’s Roadhouse Casino at 3014 Kennewick Ave. in Kennewick, and Crazy Moose Casino at 510 S. 20th Ave. in Pasco, recently announced that it filed for Chapter 11 bankruptcy protection “following a strategic review of Maverick’s capital structure and operations,” according to a company news release.

The Kirkland-based company, which owns 15 other cardrooms in the state and casino hotels in Nevada and Colorado, said it is continuing to operate its various locations, having taken steps to pay its more than 2,900 employees, as well as vendors and other creditors, during restructuring.

Maverick did announce plans to shutter four locations in the state: Dragon Tiger Casino in Mountlake, Palace Casino in Lakewood, Silver Dollar in Renton, and Roman Casino in Seattle.

All told, Maverick estimates it has assets and liabilities of between $100 million to $500 million. Company officials added that the restructuring could result in the sale of properties.

“We are hopeful this process will allow us to right size our underlying business operations and preserve value for the benefit of all stakeholders,” said Jeff Seery, the company’s chief restructuring officer, in a statement.

Maverick, whose CEO is poker player and Washington state native Eric Persson, bought Coyote Bob’s and Crazy Moose in 2019 from Washington Gold. As house-banked cardrooms, they offer the opportunity to wager bets in card games such as blackjack against the house. They may not offer other gambling opportunities such as slot machines, roulette or craps.

In 2022, state financial statements indicated that Crazy Moose had net income of $2.5 million over its expenses, and Coyote Bob’s had nearly $1.6 million in net income. By 2023, Coyote Bob’s net income was $93,000 and Crazy Moose had a loss of $526,000. This was the result of hundreds of thousands of dollars in lower revenue as well as more than $2 million in increased expenses for the two locations.

The state has not yet published the cardrooms’ 2024 financial statements. However, their fortunes appear to be waning. Crazy Moose recorded nearly $325,000 in gambling receipts in the first quarter of 2024, and Coyote Bob’s more than $429,000, according to state data. In the first quarter of 2025, those gambling receipts came in at nearly $231,000 and $108,000, respectively.

In Maverick’s bankruptcy filing, its largest debt is to Project Evergreen WA LLC for $7.4 million in unpaid rent. Maverick sold its Tri-City facilities to Project Evergreen in 2022 and then leased them back to continue operations.

In May 2024, S&P Global downgraded Maverick’s credit rating from CCC to D following a debt restructuring that the credit rater determined as a general default, as the restructuring provided the company’s lenders with less than the original terms.