Illinois-based company raises stake in Affinity Gaming
An Illinois-based financial firm has increased its ownership in Affinity Gaming to 14.9 percent, but is expected to remain a passive investor in the casino company and not seek Nevada licensing.
For the second time in a month,
Z Capital Partners increased its stake in Affinity, which operates casinos in Nevada, Iowa and Missouri, according to documents filed with the Securities and Exchange Commission.
Z Capital now owns more than 1.9 million shares of Affinity stock. The company, formally known as Herbst Gaming, has public debt.
Affinity is privately held by a group of investors who took control of Herbst following the company’s bankruptcy and supervised reorganization at the end of last year.
Silver Point Capital, a Greenwich, Conn.-based hedge fund, is Affinity’s largest owner with almost 19 percent of the company.
Affinity operates the three casinos in Primm and the off-Strip Terrible’s.