US casino operator Maverick Gaming has agreed a deal to purchase the gaming and non-gaming assets of Colorado-based CC Gaming.
Although terms of the agreement have not be disclosed, Maverick has confirmed that it will take ownership of a number of Colorado-based assets, including the 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.
Should the transaction go through as expected, Maverick will add over 1,500 slot machines, 20 table games and 119 hotel rooms to its portfolio. Maverick intends to fund the transaction with cash on hand and financing from private investment firm HG Vora Capital Management.
Maverick and its affiliates currently own 23 gaming establishments across the US.
“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,” Maverick’s majority owner Eric Persson said. “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.”
John Zimpel, owner and managing member of CC Gaming, added: “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.”
The transaction is subject to approval from the Colorado Limited Gaming Control Commission, but Maverick said it expects the acquisition to close before the end of the year.