Affinity Interactive has confirmed that the transition of Primm Valley Casino Resorts’ operations to Primm's landlord and the Terrible’s has been completed.
The press release notes that, “contrary to misstatements and what has been reported in the press, the discussions between TPC and the Primm landlord regarding the Primm property lease began more than two years ago” and that the deal “was done in conjunction with a comprehensive third-party valuation process and market outreach.”
The Primadonna Company (TPC), a subsidiary of Affinity Interactive, believed that the economics of the Primm leasehold interest “were no longer viable”.
TPC explained that the company did try to resolve the issue with the Primm landlord, but the latter was unwilling to reduce rent rates, despite the property being a cash drain of approximately $10m per year.
Affinity has a long history with the Herbst family, and the company notes that “during the Herbst Gaming bankruptcy restructuring more than a decade ago”, TPC stepped in and “preserved jobs, revitalized the Primm properties, and was a responsible employer and a valued member of the gaming community in Nevada. It’s unfortunate that the Primm location has become obsolete and the Primm landlord did not work with TPC on an economically rational solution.”
The company concluded: “Affinity on behalf of its employees, Board of Directors and ownership extends its sincere appreciation for the collaboration and guidance throughout this process with the Nevada Gaming Control Board. Affinity also wishes the Herbst family great success with the Primm properties.”
A representative of the Primm family recently confirmed that a potential partner to replace Affinity Interactive would be announced in "the coming days."
Primm Valley Casino Resorts, formerly known as Primadonna Casino Resorts, are a group of three hotel casinos in Primm, Nevada
