ZCG and Affinity Gaming Affiliate Gaming & Hospitality Acquisition Corp. Completes $200 Million Upsized Initial Public Offering
Z Capital Group has announced the launch of Gaming & Hospitality Acquisition Corp. (NASDAQ: GHACU), a special purpose acquisition company aimed at merging with businesses in the gaming and hospitality sectors. The firm, sponsored by Affinity Gaming, will focus on acquiring targets primarily in sports betting, regional gaming, and gaming technology. Led by seasoned executives like James Zenni and Mary Elizabeth Higgins, GHAC is strategically positioned to capitalize on market fragmentation, potentially benefiting shareholders with favorable acquisition opportunities.
- Focus on lucrative gaming sectors, including sports betting and gaming technology.
- Led by experienced executives with a strong background in the gaming industry.
- Potential for transformative acquisitions benefiting shareholders.
- No assurance of successful business combination or acquisitions.
- Market fragmentation may pose challenges in identifying and securing targets.
LAS VEGAS, Feb. 5, 2021 /PRNewswire/ -- Z Capital Group, LLC ("ZCG"), a leading privately held global investment firm with complementary private equity and credit businesses, today announced the launch of Gaming & Hospitality Acquisition Corp. (NASDAQ: "GHACU", "GHAC" and "GHACW") ("GHAC" or the "Company"), a newly organized special purpose acquisition company, sponsored by Affinity Gaming Holdings, LLC, the owner of casino operator Affinity Gaming and a portfolio company of ZCG.
GHAC is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue acquisition opportunities in any industry or sector, it intends to primarily focus on the identification of an acquisition target for its initial business combination within:
- Sports betting / online gaming;
- Regional gaming;
- Distributed gaming; and
- Gaming technology and equipment.
The Company currently intends, but may elect not to, pursue a merger with Affinity Gaming concurrently with the completion of its initial business combination. The Company will not, however, complete an acquisition with only Affinity Gaming.
The Company is led by:
- James Zenni, Chairman of the Board of Directors of GHAC and Founder, President, Chief Executive Officer and Chairman of the Management Committee of ZCG;
- Mary Elizabeth Higgins, Chief Executive Officer of GHAC and Chief Executive Officer of Affinity Gaming;
- Eric Fiocco, Chief Operating Officer and Secretary of GHAC, and Senior Vice President, Chief Operating Officer and Chief Marketing Officer of Affinity Gaming; and
- Andrei Scrivens, Chief Financial Officer of GHAC and Chief Financial Officer of Affinity Gaming.
The Board of Directors for the Company includes:
- Mr. Zenni;
- Ms. Higgins;
- Daniel A. Cassella, current Advisor to the Audit Committee of Mohegan Gaming and Entertainment, former Chairman of the Audit Committee and member of the Finance Committee of Tropicana Entertainment, Inc., and former President and Chief Executive Officer of Stratosphere Corporation;
- Richard Glynn, Founder of Alinsky Partners and former Chief Executive Officer of Ladbrokes PLC;
- Jan Jones Blackhurst, former mayor of Las Vegas and the first woman to hold that role, and former member of the board of directors of Caesars Entertainment Corporation;
- Thomas A. Lettero, Chief Executive Officer of NexGen Technology LLC, and former Chief Financial Officer of Cannery Casino Resorts LLC; and
- Daniel H. Scott, current Advisor to the Audit Committee of Mohegan Gaming and Entertainment, former member of the board of directors of Tropicana Entertainment, Inc. and Galaxy Gaming, Inc.
"We are pleased to enter the public market at an opportune time in the gaming industry," said Mr. Zenni. "Leveraging our team's unmatched national and regional gaming and hospitality expertise, the Company is poised to complete transformative acquisitions and be a significant platform in the industry to the benefit of shareholders and stakeholders."
"This is an exciting milestone for the entire management team and ZCG," said Ms. Higgins. "We believe that the fragmentation and dislocation present in the current market environment will provide the Company with a broad range of attractive acquisition targets. I look forward to working with Jim and the rest of the team to execute our shared vision."
About ZCG
Z Capital Group, LLC ("ZCG") is a leading, privately held, global investment firm with approximately
About Affinity Gaming
Affinity Gaming is a diversified casino gaming company headquartered in Las Vegas, Nevada. The Company's casino operations consist of eight casinos, five of which are located in Nevada, two in Missouri and one in Iowa. For more information about Affinity Gaming, please visit its website: affinitygaming.com.
About Gaming & Hospitality Acquisition Corp.
Gaming & Hospitality Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on the gaming and hospitality sectors, which complement the management team's sector and operating expertise. Target businesses in these sectors might include, but are not limited to, regional gaming, distributed gaming, online gaming / sports betting and gaming technology and equipment.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's plans with respect to the target industry for a potential business combination. No assurance can be given that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus dated February 2, 2021 filed with the Securities and Exchange Commission ("SEC"). Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Jonathan Keehner / Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
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SOURCE Z Capital Group, L.L.C.
FAQ
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