RunItOneTime LLC and its affiliates have filed a motion with the U.S. Bankruptcy Court for the Southern District of Texas seeking approval for procedures to sell their casino and gaming assets across three states. The motion, filed on August 1, 2025, outlines a comprehensive bidding process for the company's portfolio of 17 card rooms in Washington State plus casinos and hotels in Nevada and Colorado, with an auction planned for September 19 and a sale hearing scheduled for September 26.
The casino operator, which filed for Chapter 11 protection on July 14, is looking to maximize value through a competitive sale process that divides its assets into three segments: PokerCo (consisting of select poker operations), LeaseCo (properties under lease agreements), and MainCo (remaining businesses and assets). The company's holdings include approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants across its properties.
"The Debtors believe that the proposed Bidding Procedures are structured to enable the Debtors to pursue the most robust marketing, auction, and sale process available under the circumstances," the company stated in its filing. The motion emphasizes that the process has been designed to be "competitive, fair, and will yield the highest value for the Debtors' estates and their creditors."
In an interesting twist, the company disclosed that a "Supporting Shareholder" and former executive intends to bid on the PokerCo assets through a designee called EP BidCo for approximately $13 million. To address potential conflicts of interest, the bidding procedures specifically exclude him and other current or former management from evaluating competing bids, noting they "shall be screened from receipt of any non-public information regarding any competing bids."
The proposed timeline calls for potential bidders to submit indications of interest by August 20, with a formal bid deadline of September 17. The company is also seeking authorization to designate "stalking horse" bidders by August 25, with bid protections not to exceed 1.5% of the cash purchase price for such bids.
"Given the Debtors' liquidity position and the milestones under the DIP Facility, it is imperative that the Debtors obtain authorization to pursue the postpetition marketing, auction, and sale process," the motion states, explaining the request for emergency consideration by August 18.
The filing notes that the company commenced its bankruptcy cases with support from key stakeholders, including an Ad Hoc Group and the Supporting Shareholder, to implement value-maximizing transactions outlined in a Transaction Support Agreement. According to the company, this agreement contemplates "an in-court restructuring and resolution of their liabilities, preceded by a comprehensive marketing, auction, and sale process for substantially all of the Debtors' assets."
For the LeaseCo assets, which include properties subject to a Blue Owl Master Lease and potentially other leased properties in Washington State, the company noted it is in "current discussions with the landlord" and will make a determination by August 20 whether to actively market these assets.
The company is represented by Hunton Andrews Kurth LLP as local counsel and Latham & Watkins LLP as lead counsel in its bankruptcy proceedings. GLC Advisors & Co. is serving as the investment banker for the sale process.
The case (No. 25-90191) is being jointly administered under Judge ARP in the Houston Division of the Southern District of Texas Bankruptcy Court. An official committee of unsecured creditors was appointed on July 25, eleven days after the bankruptcy filing.
This article was prepared using Stretto Conductor, our new AI-powered assistant that's here to help. Stretto Conductor was able to create this summary of a 39 page court filing in less than a minute. Always review the underlying docket filings for accurate information. The information and responses generated by Stretto Conductor may contain errors or inaccuracies and should not be relied upon as a substitute for professional or legal advice.