The Nevada Gaming Commission has unanimously approved the 0 million acquisition of casino operator Affinity Gaming by private-equity firm Z Capital Partners.
New York-based Z Capital Partners, a division of Z Capital Group, told the regulators it will keep Affinity’s management team in place. The firm said it also that it plans to grow Affinity by being “acquisitive” about future opportunities.
Affinity operates three hotel casinos in Primm, Nev., on the California border outside of Las Vegas? Whiskey Pete’s, Buffalo Bill’s and Primm Valley Resort?the Silver Sevens in Las Vegas, the Rail City in Sparks, Nev., three casinos in Blackhawk, Colo., two in Missouri and one in Iowa.
Under terms of the purchase agreement, Z Capital and its affiliates, which owned 41 percent of Affinity’s outstanding shares, bought most of Affinity’s remaining outstanding shares for $17.35 per share in cash.
Z Capital said it has received a debt financing commitment in the amount of $465 million from Citizens Bank to fund the deal.
