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September 23, 2014

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Casino operator Affinity Gaming warns of default on part of debt

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Leila Navidi

The neon sign at Silver Sevens Hotel & Casino is ceremonially lit in Las Vegas on Monday, July 1, 2013. Silver Sevens Hotel & Casino was formerly known as Terrible’s Hotel and Casino.

A casino operator with 11 properties in Nevada, Colorado, Missouri and Iowa is warning investors that it expects to default on a portion of nearly $383 million in long-term debt but expects to fix issues with its lenders.

Las Vegas-based Affinity Gaming filed Securities and Exchange Commission documents last week saying it expected a default in its senior secured credit agreement.

A published report says the company says it's working with advisers and lenders on a possible amendment, waiver or refinancing.

Affinity says its revenues for the quarter ending June 30 would be between about $96 million and $99 million, compared with $100 million a year earlier.

Affinity says it'll have a $900,000 expense associated with a data breach of its customer credit and debit card processing system.

In Las Vegas, Affinity operates the Silver Sevens; in Primm, it operates Buffalo Bill's, Primm Valley and Whiskey Pete's. Its other Nevada property is the Rail City Casino.

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