Z Capital’s Affinity Gaming Seeks to Raise $150 Million for SPAC

Affinity Gaming, a casino operator owned by Z Capital, plans to raise $150 million for a special purpose acquisition company, according to people with knowledge of the matter.

The SPAC, Las Vegas-based Gaming & Hospitality Acquisition Corp., intends to combine with Affinity as well as an entity that it hasn’t yet identified, a presentation to potential investors shows. That differs from most SPACs, which typically raise money to buy an undetermined target.

The target firm ideally will be valued at $500 million or more, including debt, to form a company with an enterprise value of more than $1 ...