Z Capital Raises the Stakes on Affinity

Sun, Jul 5, 2015

Illinois-based Z Capital has submitted its third offer to purchase gaming operator Affinity Gaming. Z Capital is currently the largest shareholder of the company, at 40.5 percent.

Z Capital hopes the third time is the charm in its effort to acquire Affinity Gaming, a company that it already has a 40.5 percent stake in. In May, Z Capital offered to swipe up the rest of the company at .75 a share, which was quickly turned down by Affinity, and said the price “significantly undervalues” the company.

This time around, Z Capital CEO James Zenni has bumped up the price to $11.50 per share. Affinity operates 11 casinos in four states, three of which are located in Primm, and one, Silver Sevens, is an off-Strip property.

Last summer, Affinity named Michael Silberling as CEO, and has seen revenue jump up 1 percent over the first quarter, with cash flow increasing 30 percent. Affinity’s other casinos are in Colorado, Iowa and Missouri.

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