Affinity Gaming Raising Money for SPAC

Sun, Oct 11, 2020

Affinity Gaming is planning to raise $150 million for a special-purpose acquisition company, to target a firm ideally valued at $500 million or more.

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.

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