\n Posted on: November 7, 2025, 08:21h.\u00a0\n <\/p>\n
\n Last updated on: November 7, 2025, 08:22h.\n <\/p>\n
![\"Avatar](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-50x50.png\")
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- Company is reportedly working with investment bank Moelis.<\/strong><\/li>\n
- Creditors said to have hired a law firm known for Chapter 11 expertise.<\/strong><\/li>\n
- Affinity owns several Las Vegas-area and regional casinos.<\/strong><\/li>\n<\/ul>\n
Affinity Interactive, the owner of the Silver Sevens Hotel & Casino in Las Vegas, is reportedly working with investment bank Moelis in hopes of potentially restructuring its outstanding liabilities.<\/p>\n
![\"Affinity](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/BB2-142x107.jpg\")
Affinity Gaming\u2019s Buffalo Bill\u2019s Casino in Primm, Nevada. The company is rumored to be working with a bank to restructure its debt. (Image: Pinterest)<\/figcaption><\/figure>\n \nEarlier Friday, Bloomberg<\/em> reported the operator of the Primm Valley Resort & Casino is working with Moelis to possibly compel bondholders to come the bargaining table for restructuring talks. Some of those creditors hired law firm<\/a> Akin Gump Strauss Hauer & Feld LLP \u2014 known in part for its Chapter 11 bankruptcy expertise, according to the news outlet.<\/p>\n<\/div>\n
That same firm was recently hired by a consortium of Bally\u2019s creditors that balked at that regional casino operator\u2019s plans to sell the real estate<\/a> of a Rhode Island casino to free up financing for its Chicago integrated resort.<\/p>\n
Creditors of Affinity, which also owns the Daily Racing Form<\/a><\/em>, are believed to be restless because the gaming company\u2019s senior secured debt trades at significant discounts<\/p>\n
Affinity Debt Ratios Surged<\/h2>\n
Affinity bondholders are right to be concerned. At the end of 2023, the company\u2019s debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) was 7.8x, but that metric swelled to 11.7x by the end of the third quarter 2024. That compelled S&P Global Ratings to drop its grade on the gaming company to \u201cCCC+\u201d from \u201cB-.\u201d<\/p>\n
Corporate bonds rated in \u201cC\u201d territory are considered highly speculative<\/a> and vulnerable to default. S&P notes Affinity\u2019s debt ratio trajectory isn\u2019t tenable.<\/p>\n
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We view Affinity\u2019s capital structure as unsustainable because we expect the company to sustain S&P Global Ratings-adjusted leverage above 8x through 2026, when it would likely begin to explore refinancing its senior notes. The downgrade reflects weaker than expected credit metrics and our forecast for leverage sustained above 8x,\u201d according to the research firm.<\/p>\n<\/blockquote>\n
- Creditors said to have hired a law firm known for Chapter 11 expertise.<\/strong><\/li>\n