Affinity Gaming's new adviser Deutsche Bank Securities

25 October 2012

LAS VEGAS -- Affinity Gaming said Wednesday it had retained Deutsche Bank Securities Inc. to act as its financial adviser in its evaluation of future opportunities.

The move comes a day after Z Capital Partners, the casino operator's largest shareholder, said it seeks regulatory approval to take control of the company.

In a statement, Las Vegas-based Affinity said the board of directors in late September formed a Special Opportunities Committee to review, evaluate and determine whether opportunities should be brought to shareholders for approval.

Z Capital CEO Jim Zenni complained about the board authorizing a $300,000 payment to company Chairman Don Kornstein who helped negotiate a three-way asset swap with Golden Gaming and Jett Gaming last year. Affinity did not use an outside adviser in the deal.

Illinois-based Z Capital owns 24.97 percent of Affinity, which operates casinos in Nevada, Iowa, Missouri and Colorado. Z Capital filed a change of control request with Missouri gaming regulators and seeks a seat on the Affinity board.

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