Bill McBeath, onetime MGM Resorts International honcho, has joined private equity firm Z Capital, which controls 33.7 percent of Las Vegas-based Affinity Gaming. Affinity owns 11 casinos in four states.
“Bill brings to this role nearly 30 years of experience in starting, building, growing and improving the profitability, performance and value of companies within the gaming and resort industry,” Z Capital CEO James Zenni said in an announcement of the hiring.
McBeath is also chairman of Las Vegas Events. He first joined MGM Resorts in 1987 and was part of the opening team for CityCenter. He had been chief operating officer of the multibillion-dollar Strip development.
As Affinity Gaming’s majority shareholder, Z Capital has helped to shape and redirect the company. Earlier this month, Affinity restructured its board to include three new members from Z Capital including Zenni; Managing Director Andrei Scrivens; and James Cacioppo, managing partner and portfolio manager of One East Capital Advisors. The board grew from four to seven members to include the Z affiliates.
Affinity operates five casinos in the Silver State, including the three Primm resorts and Silver Sevens in Las Vegas. The company also owns three Colorado casinos, two in Missouri and one in Iowa.
Hedge fund Silver Point Capital of Connecticut owns 25.1 percent of the company. Affinity is not publicly traded, but has $382.7 million in long-term publicly held debt.
