{"id":38823,"date":"2016-08-24T14:00:05","date_gmt":"2016-08-24T21:00:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=38823"},"modified":"2016-08-24T12:23:39","modified_gmt":"2016-08-24T19:23:39","slug":"affinity-gaming-new-york","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/","title":{"rendered":"Affinity Gaming Acquired by New York Private Equity Firm"},"content":{"rendered":"

\n

\"Affinity
Primm Valley offers a different sort of Nevada vacation experience compared to Las Vegas, but the more family friendly town’s three Affinity Gaming casinos could soon change their look after being purchased by a New York equity firm. (Image: Lynn DeBruin\/Associated Press)<\/figcaption><\/figure>\n

Affinity Gaming is selling its 11 casinos to Z Capital Partners, a private equity firm based in New York and Illinois, for $580 million. The all-cash deal gives Z Capital the remaining 59 percent of Affinity to go along with its current 41 percent stake in the Las Vegas casino company.<\/p>\n

Z Capital will pay $17.35 per outstanding share, a substantial increase on the $15 it initially proposed. The acquisition is expected to be officially completed in 2017 after Affinity shareholders approve the deal.<\/p>\n

“We are pleased to enter into the agreement to purchase Affinity and transition from the largest shareholder to sole controlling shareholder,” Z Capital President James Zenni said in a press release.<\/p>\n

Affinity Gaming has five casinos in Nevada, three in Colorado, two in Missouri, and one in Iowa. Its most notable property is the Silver Sevens in Vegas, a budget-friendly resort located three blocks east of the Strip.<\/p>\n

Travelers making the drive between Los Angeles<\/a> and Las Vegas on Interstate 15 all pass through Primm Valley on the Nevada-California line. Affinity owns all three Primm casinos, Buffalo Bill’s, Primm Valley Resort, and Whiskey Pete’s.<\/p>\n

Struggles Entice Investors<\/b><\/h2>\n

Affinity Gaming posted total net revenues of $94.65 million for the quarter ending June 30, 2016, a 6.8 percent drop compared to 2015. Through the first six months of 2016, net revenue is down over four percent.<\/p>\n

Private equity takeovers are often seen as negative to employees as the corporate raiders are looked upon as villainous money-hungry investors.<\/p>\n

\n

Why would a company headquartered in New York City and Illinois be interested in buying casinos that are somewhat underperforming? Well, that’s precisely private equity firms often do, and Z Capital already knows a thing or two about the casino business.<\/strong><\/p>\n<\/blockquote>\n

The equity company has stakes in the Golden Casino Group and its four casinos. Three are in Nevada, while the fourth is in Maryland.<\/p>\n

Z Capital is also an investor in two Mesquite, Nevada, casinos, bringing its ownership or interest in Silver State gambling venues to 10.<\/p>\n

Not-So-Private Dealings<\/b><\/h2>\n

Like any multibillion-dollar industry, private equity firms are heavily involved in gambling and the casino business.<\/p>\n

The Blackstone Group, one of the largest international private equity firms in the world, helped bankroll Amaya’s $4.9 billion purchase of PokerStars and Full Tilt Poker back in 2014. That same year, CVC Capital Partners, a Luxembourg firm, invested $1.25 billion for an interest in Sky Bet.<\/p>\n

And Apollo Global Management and TPG Capital each own 18 percent of Caesars Entertainment<\/a>. The two firms were scrutinized for allegedly splitting Caesars’ prime assets from its weak ones into two separate companies to avoid paying creditors.<\/p>\n

A court-ordered investigation last spring into whether Caesars’ restructuring was unlawful found that the company did indeed organize itself into separate units to free the business from certain debts.<\/p>\n

Affinity Gaming is hoping more honest operations will come with Z Capital. So are the company’s 3,400 full and part-time employees.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

Affinity Gaming is selling its 11 casinos to Z Capital Partners, a private equity firm based in New York and Illinois, for $580 million. The all-cash deal gives Z Capital the remaining 59 percent of Affinity to go along with its current 41 percent stake in the Las Vegas casino company. Z Capital will pay […]<\/p>\n","protected":false},"author":42,"featured_media":38824,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nAffinity Gaming Acquired by New York Private Equity Firm<\/title>\n<meta name=\"description\" content=\"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Affinity Gaming Acquired by New York Private Equity Firm\" \/>\n<meta property=\"og:description\" content=\"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-24T21:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-08-24T19:23:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/\",\"url\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/\",\"name\":\"Affinity Gaming Acquired by New York Private Equity Firm\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg\",\"datePublished\":\"2016-08-24T21:00:05+00:00\",\"dateModified\":\"2016-08-24T19:23:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg\",\"width\":800,\"height\":330,\"caption\":\"Primm Valley offers a different sort of Nevada vacation experience compared to Las Vegas, but the more family friendly town's three Affinity Gaming casinos could soon change their look after being purchased by a New York equity firm. (Image: Lynn DeBruin\/Associated Press)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Affinity Gaming Acquired by New York Private Equity Firm\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\",\"name\":\"Casino.org Staff Writer\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"caption\":\"Casino.org Staff Writer\"},\"url\":\"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Affinity Gaming Acquired by New York Private Equity Firm","description":"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Affinity Gaming Acquired by New York Private Equity Firm","og_description":"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.","og_url":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2016-08-24T21:00:05+00:00","article_modified_time":"2016-08-24T19:23:39+00:00","og_image":[{"width":800,"height":330,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg","type":"image\/jpeg"}],"author":"Casino.org Staff Writer","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Casino.org Staff Writer","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/","url":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/","name":"Affinity Gaming Acquired by New York Private Equity Firm","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg","datePublished":"2016-08-24T21:00:05+00:00","dateModified":"2016-08-24T19:23:39+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77"},"description":"Affinity Gaming and its 11 casinos are being sold to Z Capital Partners, a private equity firm based in New York, for $580 million in an all-cash deal.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/F7A107BAE2383E293ABAEAB2F9C83828.jpg","width":800,"height":330,"caption":"Primm Valley offers a different sort of Nevada vacation experience compared to Las Vegas, but the more family friendly town's three Affinity Gaming casinos could soon change their look after being purchased by a New York equity firm. (Image: Lynn DeBruin\/Associated Press)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/affinity-gaming-new-york\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Affinity Gaming Acquired by New York Private Equity Firm"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77","name":"Casino.org Staff Writer","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","caption":"Casino.org Staff Writer"},"url":"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/38823"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=38823"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/38823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/38824"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=38823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=38823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=38823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}