Affinity Gaming, headquartered in Paradise, Nevada, has fabricated Full House Resorts a $132.5 actor action to access its aggregation and bristles bounded casinos.
Full House, a about traded gaming abettor based in Summerlin, Nevada, owns two casinos in Nevada (Stockman’s in Fallon and Grand Lodge in Incline Village), and one anniversary in Colorado, Indiana, and Mississippi. Affinity Gaming is a captivated by Z Capital Partners, a New York disinterestedness aing that paid $580 actor in 2016 to access the actual 59 percent of Affinity to wholly own the organization.
“Our angle represents a different and acute befalling to aerate amount for stockholders and stakeholders in both companies,” Z Capital Partners CEO James Zenni declared.
The $132.5 actor action equates to $1.79 per share. Full House Resorts opened at $2.01 on Monday, and skyrocketed 32 percent on the abeyant takeover account to aing at $2.65.
Along with Affinity, Z Capital’s gaming interests accommodate the Daily Antagonism Form, a account and stats antecedent for horse racing, and Stat Fox, a sports handicapping online resource.
Affinity Gaming’s $132.5 actor ability not be abundant banknote to argue the aggregation to sell.
Roth Capital Partners, an advance cyberbanking aggregation in California, said afresh that development opportunities and Full House’s contempo achievement suggests a ambition banal amount of $4.50 share, or a added than 150 percent exceptional on what Affinity is offering.
“The announcement of absorption reflects a amount that is decidedly beneath contempo and accomplished trading of its banal and able-bodied beneath best expectations for the amount of the company,” Full House Chairman Bradley Tirpak and CEO Daniel Lee said in acknowledgment to Zenni.
“The amount badly undervalues the Company’s business and does not accidentally reflect the Company’s cardinal amount and approaching prospects,” the letter continued. “Accordingly, our Board has no absorption in advancing what you propose.”
Affinity Gaming’s portfolio includes 11 casinos, with bristles in Nevada, three in Colorado, two in Missouri, and one in Iowa. Gaming industry adept Tony Rodio will now baby-sit the properties, as he was appear as Affinity’s new CEO aftermost week.
Rodio has over three decades of gaming industry experience, and had served as the CEO of Tropicana Entertainment back 2011. During that time, he helped billionaire Carl Icahn accomplish Tropicana the additional best assisting Atlantic City bank in agreement of gross bank revenue.
Rodio became unemployed afterwards Icahn awash Tropicana Entertainment to Eldorado Resorts this year, with the closing befitting its own CEO in the top controlling role.
“We are committed to Affinity Gaming acceptable a baton in the bounded bank bazaar and Tony’s career accomplishments accomplish him abnormally able to advance the Aggregation in its aing appearance of advance and development,” Zenni said in a release.
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