The Financial Executive of the Year in the Gaming and Hospitality Industry has been awarded to the Chief Financial Officer for a mid-sized group of casinos, including the three properties in Primm, Nevada, located at the California-Nevada state line. [toc]
This month, Walter Bogumil, the CFO of Affinity Gaming, received the honor at the inaugural CFO of the Year Awards. The event was hosted by the Las Vegas Chapter of Financial Executives International.
Recognizing success and leadership
The awards are designed to acknowledge executives whose contributions enabled their companies to achieve unprecedented levels of success and to honor outstanding leadership. The Silverton Casino in Las Vegas was the venue for the awards ceremony, which took place on June 22.
Bogumil expressed, “I am truly privileged to be acknowledged in this way. The past two years with Affinity Gaming has been thrilling and I am eager to continue collaborating with Michael Silberling, our CEO, and the rest of the executive team, as the company keeps progressing.”
Affinity Gaming emerges from Herbst Gaming bankruptcy
The establishment of Affinity Gaming resulted from the insolvency of Herbst Gaming, a company that formerly owned and ran over 80 Terrible Herbst-branded gas stations, slot routes, and casino locations, primarily in Nevada. After emerging from bankruptcy in 2010, the company divided into two entities, with Affinity Gaming acquiring the casino properties.
At present, the company owns and operates four casinos in Nevada, which include:
- Primm Valley Resort & Casino located in Primm, Nevada
- Buffalo Bill’s (Primm, Nevada)
- Whiskey Pete’s (Primm, Nevada)
- Casino Rail City (Sparks, Nevada)
- Silver Sevens Hotel and Casino in Las Vegas, Nevada
The properties in Primm, Nevada are located 40 miles away from Las Vegas on Interstate 15. These casinos serve as the first indication for drivers from California that they have entered Nevada.
Additionally, the company owns and operates:
- Golden Mardi Gras Casino
- Golden Gates Casino
- Black Hawk, Colorado’s Golden Gulch Casino
- La Grange, Missouri’s Mark Twain Casino & RV Park
- Frontier Casino in St. Jo, Missouri
- Osceola, Iowa’s Lakeside Hotel & Casino
Getting Affinity Gaming’s finances in order
Since April 1, 2015, Bogumil has served as the CFO for Affinity Gaming. Prior to this, he worked at:
- Walt Disney World, Penn National Gaming, Microsoft, and Sun International Resorts.
Bogumil holds a Master’s degree in Business Administration from the Crummer Graduate School of Business at Rollins College and a Bachelor’s Degree in Finance from the University of Central Florida.
Financial Executives International reports that upon joining Affinity Gaming, Bogumil was responsible for organizing the company’s finances. Remarkably, he managed to increase cash flow from zero to $50 million within a year and a half. Additionally, he played a crucial role in the growth of the company’s recurring EBITDA. During his tenure, the EBITDA rose by 25.4 percent in 2015 and 17.4 percent in 2016.
Gaming’s fastest growing
This year in January, Affinity Gaming was privatized. Currently, it is deemed as one of the most rapidly expanding gaming firms in the nation.
In a press release, Silbering expressed high praise for Bogumil.
We take immense pride in Walter and his accomplishments. As a key part of our leadership team, his efforts have propelled us to be the fastest expanding gaming firm in the U.S., with consistent EBITDA growth over the last two years. This award acknowledges his exceptional fiscal management skills and his unwavering commitment to delivering superior customer service.
The headquarters of Affinity Gaming is located in Las Vegas.
Image provided by OLOS/Shutterstock.
