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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boyd Gaming Corp | NYSE:BYD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.40 | 136 | 13:39:04 |
Private-equity firm Z Capital Partners is once again interested in buying Affinity Gaming LLC, announcing an offer valuing the casino company at more than $560 million.
Z Capital has two Affinity board seats and owns about 41.1% of the company. Affinity shares are registered with the Securities and Exchange Commission but don't trade on an exchange.
Affinity's 11 U.S. casinos include three Primm, Nev., locations that its predecessor Herbst Gaming Inc. bought from MGM Mirage for $400 million in 2007. Herbst emerged from chapter 11 bankruptcy protection at the end of 2010.
"We have always believed that Affinity Gaming needs a singular voice and direction with a long-term capital partner to position it for future growth," Z Capital said in a statement.
A spokesman for Affinity didn't immediately return a request for comment.
Z Capital withdrew a nonbinding proposal for Affinity in February 2013. It offered $9.75 a share in early 2015, eventually increasing the price to $15. Z Capital said in a Jan. 31 letter to Affinity that "there are no foreseeable prospects for a strategic transaction given the state of the credit markets."
The new offer is valued at $15 a share.
Affinity's other owners include hedge fund Silver Point Capital. A Silver Point representative, David Reganato, became Affinity's chairman in September.
In May, Affinity reported a 15.1% increase in first-quarter operating income, which was credited partly to efforts to prioritize slot revenue. The company reaffirmed its guidance for 2016 revenue of $387 million to $399 million.
Casino deals this year include Red Rock Resorts Inc.'s $312.5 million pact for the Palms Casino Resort, while Boyd Gaming Corp. is buying Aliante Casino Hotel and Spa for $380 million and Cannery Casino Resorts' Las Vegas operations for $230 million.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
August 02, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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