Maverick gambling, a major developer and owner of luxury hotels with gambling facilities, has successfully sold its Lakewood, Washington-based Palace and Chips casino. The sale of the 21,624-square-foot casino for $27 million, or approximately $1.248 per square foot, was documented in Pierce County public records. The property was purchased by an entity associated with Oak Street Real Estate Capital, a private equity real estate firm based in Chicago, Illinois.
Casino Layout and Location
According to Pierce County records, the Palace and Chips casinos are located at 8108 and 8200 Tacoma Mall Blvd., respectively, and span 7,817 and 13,807 square feet. The facility, which is conveniently located near the Interstate 5 ramp at South 84th Street and adjacent to a 7-11 convenience store, offers a variety of amenities. According to its website, the casino has gaming tables, a poker area, a bar and a restaurant.
Previous Purchase and Sale
According to Pierce County property records, Maverick Gaming purchased the Palace and Chips casino in 2016 for $4.5 million, or nearly $208 per square foot. The current sale represents a big return on investment for Maverick Gaming, as the property sold for a large sum in comparison to its initial acquisition price.
Second Casino Acquisition
This is not the first time Maverick Gaming and Oak Street Real Estate Capital have worked together in Lakewood. Oak Street Real Estate Capital previously purchased Maverick Gaming’s Macau Casino, which spans 10,747 square feet, for $22.1 million, or nearly $2,056 per square foot. The Macau Casino is located two miles north of the Palace and Chips casino at 9811 S. Tacoma Way.
Continued expansion in the Gaming Industry
These transactions highlight the gaming industry’s ongoing expansion and transformation, with private equity real estate firms recognizing the value and potential of casino sites. Oak Street Real Estate Capital’s acquisition of these buildings strengthens its foothold in the gaming sector and shows the Lakewood area’s desirability as a lucrative market.
The post Maverick Gaming Sells Palace and Chips Casino in Lakewood, Washington to Oak Street Real Estate Capital appeared first on iGaming.org.