Published on: November 7, 2025, 08:21h.
Updated on: November 7, 2025, 08:22h.
- Company is said to be collaborating with Moelis, an investment banking firm.
- Creditors reportedly have engaged a law firm renowned for Chapter 11 cases.
- Affinity operates multiple casinos in the Las Vegas region and beyond.
Affinity Interactive, the parent company of the Silver Sevens Hotel & Casino in Las Vegas, is rumored to be partnering with investment bank Moelis for potential debt restructuring efforts.
Earlier on Friday, Bloomberg reported that the operator of Primm Valley Resort & Casino is in talks with Moelis to encourage bondholders to negotiate for restructuring discussions. Notably, some of these creditors have enlisted the services of the law firm Akin Gump Strauss Hauer & Feld LLP, well-regarded for their Chapter 11 bankruptcy expertise, as noted by the media.
This same firm was recently engaged by a group of Bally’s creditors opposing the casino operator’s strategy of divesting Rhode Island casino real estate to secure financing for its integrated resort in Chicago.
Affinity’s creditors, which also include owners of the Daily Racing Form, are reportedly anxious as the gaming company’s senior secured debt is trading at considerably lower values.
Concerns Over Affinity’s Debt Ratios
Affinity’s bondholders have valid reasons for concern. By the close of 2023, the company’s debt in relation to its earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 7.8x, escalating to 11.7x by the end of Q3 2024. Consequently, S&P Global Ratings downgraded the firm’s rating from “B-” to “CCC+.”
Corporate bonds within the “C” range are deemed highly speculative and susceptible to default. S&P warns that Affinity’s debt trajectory is unsustainable.
“We regard Affinity’s capital structure as unsustainable due to expectations that leverage will remain above 8x until 2026, when the company may consider refinancing its senior notes. The downgrade reflects underwhelming credit metrics and our projections of sustained leverage above 8x,” the research firm stated.
In March 2023, Affinity took a step to increase liquidity by selling the Rail City Casino in Sparks, Nevada to associates of Truckee Gaming, LLC. However, this sale has also slightly impacted EBITDA, as per S&P Global’s analysis.
Potential for Casino Fire Sales
Reports earlier this year indicated that Affinity is collaborating with CBRE and Goldman Sachs to scout potential buyers for its Silver Sevens and three regional casinos located in the Midwest: the Lakeside Hotel Casino in Iowa, the Mark Twain Casino, and St. Jo Frontier Casino in Missouri. These states feature competitive gaming environments that are heavily dominated by larger operators.
As of now, no agreements have been disclosed regarding these properties, and it appears that Silver Sevens holds the most value, albeit being located off the Strip.
If Affinity proceeds to sell these establishments to generate funds, its remaining casino assets would include Buffalo Bill’s in Primm, Nevada, and Primm Valley Resort & Casino. Additionally, the company owns the Primm Center & Pilot Truck Stop.