Miami Jai-Alai tries to dodge sale to NY casino co.

Attorneys claim $115M sales price wouldn't cover debt obligations

TRD MIAMI /
Sep.September 12, 2013 01:00 PM

The Miami Jai-Alai casino and fronton sought to stop a sales agreement to a New York-based gambling operator in bankruptcy court Wednesday.

Miami Jai-Alai lawyer Luis Salazar argued that the sale price of $115 million would fall short of what the Miami casino owes lenders, but the intended buyer, Silver Entertainment Gaming and Hospitality, said it was ready to close on the deal.

“It is a contract we worked long and hard for,” Silver lawyer Thomas Kreller, of the Milbank firm’s Los Angeles office, told the Miami Herald.

Miami Jai-Alai lawyers say they’re pursuing a reorganization since the casino is profitable and could afford to continue making debt payments, the Herald reported.

While Miami Jai-Alai initially agreed to Silver’s $115 million offer, a subsequent appraisal put the value at $180 million.

Including an $8 million penalty for rival Hialeah Park opening a casino, Miami Jai-Alai owes lender ABC Funding $122 million, according to Florida Gaming securities filings. [Miami Herald]Emily Schmall


Related Articles

arrow_forward_ios
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
A Toojay's Deli location (Google Maps)

Lender acquires TooJay’s out of bankruptcy

Lender acquires TooJay’s out of bankruptcy
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
TooJay’s (Credit: Google Maps)

Popular Florida deli chain TooJay’s files for bankruptcy

Popular Florida deli chain TooJay’s files for bankruptcy
Brickell City Centre’s CMX theater (Credit: Brickell)

Owner of CMX Cinemas files for bankruptcy, hopes to get help from landlords

Owner of CMX Cinemas files for bankruptcy, hopes to get help from landlords
Norman Braman, Jorge Perez and Magic City Jai Alai (Credit: Google Maps, Braman by Nicholas Hunt/Getty Images; jai alai player via Wikimedia Commons)

Norman Braman, Jorge Perez and homeowner groups sue to stop Edgewater jai alai facility

Norman Braman, Jorge Perez and homeowner groups sue to stop Edgewater jai alai facility
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...