Z Capital Partners and its affiliate Affinity Gaming has announced a proposal to acquire Full House Resorts, a leading owner, developer and operator of gaming facilities throughout the country.
“Our proposal represents a unique and compelling opportunity to maximise value for stockholders and stakeholders in both companies,” said James Zenni, Chairman of Affinity’s Board of Directors and Chief Executive Officer of Z Capital Partners.
“Combining Full House’s custom-designed, regional gaming properties with Affinity’s complementary portfolio will create a best-in-class platform for value creation in this consolidating market. With an experienced and dedicated management team, Affinity would bring significant operational capabilities and expertise that we believe would further propel the combined company’s growth and unlock unrealised potential for Full House stockholders.”
Zenni continued: “We look forward to a constructive dialogue with the Full House Resorts Board of Directors as they carry out their fiduciary duties on behalf of the Company’s stockholders.”
The combined company would remain headquartered in Las Vegas, with a management team led by recently appointed Affinity CEO Tony Rodio, an executive with more than three decades of experience in the gaming industry and a strong track record of growth.
The proposed transaction would be structured as a cash or stock transaction with an enterprise value of the Company of $132.5 million, which equates to $1.79 per share on a fully diluted basis.
