Z Capital Group’s purchase of Affinity Gaming is expected to pass its last hurdle to completion with an approval from Nevada regulators this month.
The sale was scheduled to come before the Nevada Gaming Control Board last week and move on to an OK from the Nevada Gaming Commission at its next meeting on January 26.
Affinity operates 11 casinos in the United States, including five in Nevada, three in Colorado, two in Missouri and one in Iowa. The Nevada properties include Rail City in Sparks, Silver Sevens in Las Vegas, and Buffalo Bill’s, Primm Valley and Whiskey Pete’s in the Southern Nevada-California border town of Primm.
Z Capital is a private equity firm that owns other businesses in the hospitality and gaming industry and holdings in the automotive, restaurant, agriculture and steel and metals industries.
The sale was announced in August. Shareholders approved it in mid-December.
Meanwhile, the Iowa Racing and Gaming Commission recently approved a change of ownership for the Lakeside Casino in Osceola, from Affinity Gaming Company to Z Capital. Commission Administrator Brian Ohorilko said, “Within the next few weeks, I would anticipate that it would become official.”
Ohorilko said the private equity company Z Capital previously owned about 40 percent of the company. “There was a transaction announced a few months back where Z Cap would be purchasing all of the shares,” he said. That transaction included Z Capital purchasing outstanding shares from Affinity Gaming investors. The company owned Lakeside and casinos in several other states. Ohorilko explained the purchase still required a background check of Z Capital, which the new owners passed. Previously, Missouri and Colorado regulators had approved the sale and the company also expects approval from Nevada regulators.
Ohorilko added, “I don’t anticipate any material changes. They have committed to try and spruce that property up a little bit, so it is good news anytime there is discussion about putting capital expenditures into one of the Iowa properties.” Ohorilko says.
Lakeside Casino employs 305 people, according to IRGC figures.
