By The Registry Staff
Maverick Gaming has expanded its collection of casinos by acquiring All Star Lanes & Casino in Silverdale. The purchase involved both the building and the business, according to a report from the Puget Sound Business Journal. Ozzie’s All Star, based in Port Orchard, was the previous owner of the business. However, while Maverick will be responsible for operating the business, they do not intend to retain ownership of the property. Oak Street Capital, a Chicago-based firm, took possession of the 52,000-square-foot building on July 6 for $7 million. The price equates to approximately $135 per square foot.
This acquisition marks the sixth property that Oak Street has obtained from Maverick since 2021. In June, they purchased the Chips Casino and Riverside Casino buildings in Tacoma. Prior to that, Oak Street acquired the Macau Casino building in Tacoma and two Great American Casino buildings—one in Tukwila and another in Everett. Oak Street is known for acquiring properties and leasing them back to their previous owners, and the private equity firm’s involvement in these casino transactions is solely focused on the real estate aspect, according to the report.
Located at 10710 Silverdale Way NW, All Star offers a variety of amenities, including table games, poker, bowling, an arcade, a diner, drive-thru espresso sales and full-service dining. The establishment currently employs 172 individuals. There are no plans to alter the management structure or implement layoffs, nor is there any intention to rebrand the business, according to the report.
Eric Persson, CEO and majority owner of Maverick Gaming, expressed pride in the company’s continuous investment in local communities and job opportunities throughout the state. He stated in a news release, “We all look forward to building partnerships with the community of Silverdale, supporting family wage jobs, and investing in a great local entertainment center.”
With this latest acquisition, Maverick Gaming now operates a total of 23 neighborhood card rooms in the state.
Maverick is currently involved in legal proceedings to obtain the right to offer sports betting at its Washington casinos. On July 3, the company filed a brief in the U.S. Court of Appeals for the 9th Circuit, challenging the state’s existing law, which permits on-site sports betting exclusively at tribal properties. Maverick is appealing a judge’s decision to deny a judicial review of the tribal-state compacts following a lawsuit filed by the company in January 2022. Maverick anticipates that the case will eventually reach the U.S. Supreme Court, as stated in a news release.