Las Vegas-based Affinity Gaming, which holds gaming operations in Las Vegas, Primm, Colorado and parts of the Midwest, has entered into an agreement to be acquired by a New York-based private equity firm.
Z Capital Partners LLC, the private equity management arm of Z Capital Group LLC, announced plans to acquire Affinity in an all-cash deal in August for approximately $580 million.
Under the agreement, Z Capital Partners and its affiliates, which hold 41 percent of Affinity’s shares, will purchase the remaining portion for $17.35 a share.
“We are pleased to enter into the agreement to purchase Affinity and transition from the largest shareholder to sole controlling shareholder,” said James Zenni Jr., president and chief executive officer of Z Capital and a member of the Affinity board of directors since 2014. “Affinity brings a compelling offer to consumers by providing high-quality entertainment at affordable prices in attractive markets, and I am confident that Z Capital is uniquely positioned to grow the business for years to come.”
Founded in 2010, Affinity holds the 370-room Silver Sevens casino-hotel property locally, along with Primm Valley Resort, Whiskey Pete’s and Buffalo Bill’s in Primm. It also owns Rail City Casino in Sparks, Nevada; three gaming properties in Colorado; two in Missouri; and one in Iowa.
The deal is set to close in the first quarter of 2017, pending shareholder and regulatory approval.
Z Capital has received a debt financing commitment for $465 million from Citizens Bank, N.A.
Nathan Adelson Hospice pegged to
acquire Solari Hospice Care
Nonprofit Nathan Adelson Hospice has entered into an agreement to acquire HealthCare Partners Nevada’s Las Vegas Solari Hospice Care asset, Nathan Adelson announced in a written statement in August.
“We are excited to announce the acquisition of Las Vegas Solari Hospice Care,” said Carole Fisher, CEO and president of Nathan Adelson Hospice. “As the leader in end-of-life care in Southern Nevada for more than 38 years, Nathan Adelson Hospice continues to forge a path forward, resulting in improved access for patients and their loved ones.”
The details of the deal on the Solari’s 12-bed facility on Jones Boulevard near Russell Road were not disclosed. But the final draft is expected soon, and the acquisition is pegged to close in early September.
HealthCare Partners has owned Solari for more than three years; HealthCare announced its purchase of Solari in the first half of 2013.
National contractor extends its
Las Vegas presence to Reno
In August, MMC Contractors, a mechanical contractor based in Kansas City, Missouri, announced the opening of an office in the Reno, Nevada, area, an extension of its location on the westside of Las Vegas.
The move comes as MMC Contractors took on a contract for a large-scale data center planned in the Reno area.
“We have been assessing the potential in the Reno-Tahoe economy, and we’ve had some local projects on our radar for a while,” said Dan Coppinger, president of MMC Contractors West. “We are excited to extend our footprint to Reno, beginning with a data center, and we are confident this will open new doors for us in this very robust market.”
Ryan Novacek will head the Reno operation as vice president. He has been with MMC for more than eight years and serves as vice president of MMC’s office in Omaha, Nebraska.
Tix Corp. second-quarter results show reduced revenue
Tix4Tonight, owned by Studio City, California-based Tix Corp., reported a reduction in revenue in the second quarter of 2016, due to show closures on the Strip and customers purchasing lower-priced tickets.
Second-quarter results showed revenues of just over $5.3 million for Tix Corp., while revenues of nearly $5.9 million were reported during the same period in 2015.
According to a release from Tix Corp., the numbers were impacted negatively by the closure of Cirque du Soleil’s Zarkana show at the Aria at the end of April.
Tix Corp., which owns 10 discount ticket stores in Las Vegas, could be on the road to higher success in future reports on its revenue.
“Our role as Expedia’s official Las Vegas guest-services partner leverages Tix’s existing operations and caters to the large percentage of Las Vegas visitors who book their travel through Expedia brands,” said Mitch Francis, chief executive officer of Tix Corp. “The agreement was effective June 15, 2016, and we anticipate the impact from the agreement to start contributing to our growth strategy and financial results in the fourth quarter of this year.”
Tix’s net income rested at $530,000, or 3 cents per diluted common share, in the second quarter, compared with just over $1.5 million, or 9 cents per diluted share, during the same time the past year.
If a provision or expense for income taxes were excluded, Tix reported it would have a second-quarter net income of $771,000, or 4 cents per diluted share, compared with just over $1.5 million in net income, or 9 cents per diluted share, in the second quarter of 2015.
