Rising Star Casino's Owner Is Subject Of A Takeover Bid

The deal has ties to a former general manager at Hollywood Casino Lawrenceburg.

File photo

(Las Vegas, Nev.) – The company which owns Rising Star Casino in Rising Sun has received a takeover bid from another Las Vegas-based company.

Z Capital Partners, of New York, and affiliate Affinity Gaming on Monday announced a proposal to acquire Full House Resorts, Inc.

Z Capital Partners is described in its own news release as “a leading alternative asset manager of private equity and credit funds.” Affinity is among the companies in Z Capital's portfolio.

The proposed transaction would be a cash or stock transaction with a value of $132.5 million, or about $1.79 per share.

"Our proposal represents a unique and compelling opportunity to maximize 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 unrealized potential for Full House stockholders."

Z Capital says it is confident it can obtain any necessary debt financing commitments needed to complete a transaction.

The letter was sent to the Full House Resorts Board of Directors on Monday. A subsequent news release from Full House acknowledges the expression of interest by Z Capital, adding that this is the first the company has been made aware of it.

"(Full House Resorts’) Board of Directors intends to consider the expression of interest in due course," the release stated.

Full House asserted that recent research by Roth Capital Partners pins the stock target price at $4.50 per share, markedly above the $1.79 identified by Z Capital and Affinity.

If the deal were to happen, Z Capital says the combined company would remain headquartered in Las Vegas. It would be run by recently appointed Affinity Gaming CEO Tony Rodio, who was the general manager at Hollywood Casino Lawrenceburg from 2008 until 2011.

Full House Resorts Inc. purchased Rising Star Casino, then known as Grand Victoria Casino, in Rising Sun in 2010. The purchase price was $43 million.

RELATED STORIES:

"A Christmas Story: The Musical" Will Be Part Of Rising Star's Christmas Casino

The New Ohio River Ferry Is Now Open For Business

More from Local News


VIDEO: Construction Begins On New Southwest Local Schools

The three new elementary schools and new junior school are expected to be ready for classes in 2021.

Ivy Tech Community College To Host “Macbeth” Performance Lawrenceburg Civic Park

The free play production begins at 7:00 p.m. on Monday, August 26.

DCF Offering Scholarship Opportunities For Current College Students

Three different scholarships are open to apply for until October 18.

AUDIO: Tigers, Trojans "Showdown" For County Bragging Rights Friday Night

Listen to coaches from Lawrenceburg and East Central share their thoughts on tonight's season-opening rivalry game.

Local Sports Report - August 22

Penalty kicks were needed to decide a winner between Lawrenceburg and East Central in girls soccer Thursday.

Local Sports Report - August 21

Lauren Kelly had a first-place finish for Franklin County cross country Wednesday.

On Air

Alan Jackson Chasing That Neon Rainbow 3:39
Gretchen Wilson Homewrecker 3:35
Old Dominion Make It Sweet 3:32
Jason Aldean Tonight Looks Good On You 3:29