Affinity Gaming will continue to operate the casino properties under their familiar local names. The bankruptcy reorganization reduced the company’s long-term debt from about $1.1 billion to $350 million. Z Capital Partners acquired a 6.7 percent ownership stake this month in Affinity, which made the investor the third largest shareholder. Highland Capital Management owns 8.3 percent of the company. Jerry Herbst told gaming regulators the idea behind JETT Gaming was to reacquire the slot machine route operations at the convenience stores when the contracts with Affinity expire.Īfter emerging from bankruptcy, reconfigured Affinity Gaming is owned by a group of former lenders, including SPH Manager LLC with an 18.4 percent ownership stake. The company was a separate entity from Herbst Oil, but continues to oversee the slot machines at Terrible Herbst convenience stores in Nevada. Herbst Gaming had been operated by Ed, Tim and Troy Herbst, the sons of Jerry Herbst. The company will begin operations with three locations in Nevada. Nevada gaming regulators this month approved a new slot machine route business, JETT Gaming, a company controlled by Herbst Oil Co. Ross hinted earlier this year at a change in name because he expected the Herbst family to return to the gaming industry. “We believe it is in the interest of the employees and management to make a fresh start.”Īffinity Gaming LLC operates 15 casinos in three states, including 12 in Nevada, and a 6,000-slot machine Nevada route operation. “In order to reflect our new corporate identity, we have changed our corporate name to Affinity Gaming,” Chief Executive Officer David Ross said in a statement. New management and the new board of directors decided to drop the Herbst title in favor of a new name. They no longer have any involvement in the business. Members of the founding Herbst family lost control of the company’s casinos and slot machine route operation in December after a bankruptcy court-administered reorganization. Zenni also attended Xavier University Graduate School of Business and University of Vienna (Austria) School of Economics and Business Administration.Herbst Gaming is out and Affinity Gaming is in. Zenni is a graduate of Xavier University where he received a Bachelor of Science in Economics and was the recipient of the Department of Economics Award. Zenni has supported various philanthropic endeavors and initiatives. Zenni previously served on the Board of Trustees and was Chairman of the Investment Committees of Rosalind Franklin University of Medicine and Science and Lake Forest Country Day School. Zenni has had numerous accomplishments in his career including development and holds the patent for a data-management software platform and search engine tool developed by Olympus Fintech, L.L.C. Zenni had a distinguished career while at Kidder in financial asset engineering, acquisitions, and value-oriented investing. Zenni was a Managing Director and senior member of the Capital Markets Department of Kidder, Peabody & Co. Zenni divested his interest in an employee-led buyout which led to the formation of ZCG. Zenni was jointly responsible for all portfolio management and business operations at BD. Zenni was President, Founder, and Co-owner of Black Diamond Capital Mgmt., L.L.C. He also served on the Board of Guarantee Title & Trust Insurance Company, a non-portfolio company. Zenni was previously Chairman of the Board of MSDP Group, LLC and a member of the boards of Bayou Steel Corporation, PTC Alliance Corp., Smarte Carte Corp., and Sun World International, LLC, all of which were portfolio companies. Zenni also serves on the boards of Carillon Miami Beach, CTM Holding, Inc., Daily Racing Form Intermediate Holdings, LLC. Fields Famous Brands, LLC, Pink Taco, Premier Thermal Solutions, LLC., Techniks Holdings, LLC, Twin-Star International, Inc., Waldhaus Flims Alpine Resort & Spa, and XRG Xperience Brands. Zenni is currently Chairman of the Board of Affinity Interactive, Gaming & Hospitality Acquisition Corp., Mrs. Zenni has had substantial success investing in private equity and credit strategies. ZCG is a leading, privately held global investment firm with approximately $4.0 billion of assets under management across complementary private equity and credit businesses. Zenni is President and Chief Executive Officer of ZCG, and is responsible for all portfolio management and business operations.
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