Z Capital increases shares in Affinity Gaming
LAS VEGAS (AP) -- Officials say Illinois-based Z Capital Partners is now the largest shareholder in Las Vegas-based Affinity Gaming LLC.
The private equity group said in a statement reported Tuesday by the Las Vegas Review-Journal that it owns almost 25 percent of the bankrupt company formerly called Herbst Gaming.
Affinity Gaming was formed in December 2010 with Greenwich, Conn.-based Silver Point Capital as its largest shareholder with almost 19 percent.
The company operates nine Nevada casinos, including the three Primm resorts and the Terrible's casino several blocks east of the Las Vegas Strip.
According to its website, Z Capital invests in distressed middle market companies through the restructuring and bankruptcy process.
A Securities and Exchange Commission filing shows that Z Capital bought about 5.05 million shares in Affinity in recent months.
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