Maverick Gaming, an owner of regional gaming assets, announced Monday the signing of a definitive purchase agreement with CC Gaming, Colorado’s largest locally-owned casino operator, to acquire its gaming and non-gaming assets.
The properties included under the transaction are Z Casino in Black Hawk, Grand Z Casino Hotel in Central City, Johnny Z’s Casino in Central City, and the Z Stop Convenience Store and Gas in Golden. The deal will add over 1,500 slot machines, 20 table games and 119 hotel rooms to the Maverick portfolio.
According to the American Gaming Association, Black Hawk / Central City, Colorado is one of the top 15 gaming markets in the United States. Terms of the transaction were not disclosed.
Maverick and its affiliates currently own 23 gaming establishments in the United States.
Eric Persson, the majority owner of Maverick and its affiliates said, “As Maverick continues to grow and expand our portfolio of regional gaming properties and assets, we are extremely pleased to add CC Gaming’s casinos to our company. I admire the work that John Zimpel, Owner and Managing Member of CC Gaming, has done to grow his casino business and we look forward to building upon the foundation he established.”
Mr. Persson continued, “We believe this purchase puts us in position to become a significant player in the Colorado gaming market with an emphasis on Denver. Given Denver’s growing population of nearly three million people, limited gaming distribution and a thriving economy, we believe we can add value to the Denver gaming market, which we intend to invest in as owner-operators.”
Mr. Zimpel commented, “It is with great pride and hard work that my team and I have built CC Gaming into the largest locally-owned casino operation in Colorado. CC Gaming’s success can be attributed to our customer focused product offering and the best team members in Colorado. I believe that Maverick will be a great owner and operator and look forward to a smooth transition.”
Maverick intends to fund this transaction primarily with cash on hand and financing from HG Vora Capital Management, a private investment firm. “HG Vora is an important financing partner for Maverick Gaming with deep experience in the gaming sector. We look forward to growing our portfolio over the near term with their partnership” Mr. Persson commented.
The transaction is subject to the approval of the Colorado Limited Gaming Control Commission and is expected to close this year.