Affinity Gaming merging with SPAC to raise $150 million through IPO

merger

The owner of the Silver Sevens Casino in Las Vegas, Affinity Gaming is going for merger with Gaming & Hospitality Acquisition Corp., which is a special purpose acquisition company (SPAC).

The newly formed company revealed in its Form S-1 which it filed before Securities and Exchange Commission (SEC) that it is planning to go for initial public offering (IPO) with the intention of raising $150 million to $172.5 million.

Casino.org reported the SPAC’s revelation in the form as “We seek to acquire one or more businesses with assets that are fundamentally sound, yet are underperforming their potential. We will look for opportunities where we can leverage our significant experience and expertise to help one or more businesses achieve long-term strategic and operational excellence.”

It further stated: “In particular, we believe there is a robust addressable market in regional and distributed gaming. Regional gaming is a logical market, given the potential synergies with the Affinity Gaming platform,” according to the SEC filing.