Washington: Maverick Gaming sells Lakewood casino Palace and Chips for $27 million

Maverick Gaming has sold its 21,624 square foot Palace and Chips casino in Lakewood, Washington, to Chicago-based firm Oak Street Real Estate Capital for $27 million, according to Pierce County public records consulted by local media. The transaction involved the same buyer and seller of a casino property that sold in the city last year.

The single-parcel property, located at 8108 and 8200 Tacoma Mall Blvd., comprises two buildings spanning 7,817 square feet and 13,807 square feet, according to records consulted by The Registry.

The property boasts gaming tables, a poker room, and a bar and restaurant, as stated on its website. Situated on the eastern end of the city near the Interstate 5 ramp at South 84th Street, the casino is in close proximity to a 7-11 convenience store.

Maverick Gaming had previously purchased the Palace and Chips property in 2016 for $4.5 million, at a rate of approximately $208 per square foot, as per Pierce County property records.

Oak Street Real Estate Capital's acquisition of the Palace and Chips casino follows its purchase of another Lakewood property, the Macau Casino, from Maverick Gaming last year. The Macau Casino, a 10,747-square-foot establishment located at 9811 S. Tacoma Way, was acquired for $22.1 million, or about $2,056 per square foot.

Maverick Gaming, headquartered in Kirkland, owns and operates a portfolio of over 30 casinos, restaurants, and hotels across Nevada, Washington, and Colorado. With assets that include more than 360 tables, 2,700 slot machines, 1,300 hotel rooms, 50 restaurants, and a workforce of approximately 3,500 team members, the company has made significant strides since its establishment in 2017.