Affinity Gaming, the casino operator owned by Z Capital, is raising a reported $150 million for a special acquisition company, according to a Bloomberg report that quoted unnamed sources.
The SPAC, Las Vegas-based Gaming & Hospitality Acquisition Corp., would combine with Affinity and a third, unidentified entity to court potential investors in a plan to target a firm valued at $500 million or more to form a company valued at more than $1 billion, according to the report.
Z Capital, led by founder and Chief Executive Officer Jim Zenni, has owned Affinity since 2017. The company operates casinos in Iowa, Missouri and Nevada, and projects an EBITDA of $80 million in 2020.
A Z Capital spokeswoman declined to comment.
