The Real Deal Miami

Miami Jai-Alai casino to be auctioned off in March

January 03, 2014 03:00PM


3500 Northwest 37th Avenue in Miami

The bankruptcy auction for the troubled Miami Jai-Alai casino has been set for March 25.

Bankruptcy Judge Robert Mark ruled last week that all assets belonging to the casino’s parent company, Florida Gaming Corp., will be for sale at the auction, to be held at Salazar Jackson law offices in Coral Gables.

Bidders must submit a 5 percent deposit by March 19 to be eligible.

Florida Gaming Corp. had filed for bankruptcy protection in August to halt the planned $115 million sale to Silver Entertainment Gaming and Hospitality over concerns that the sales terms added millions of dollars to the property’s debt.

The parent company saw a net loss of $26.4 million as of late September, just a year after the casino at 3500 Northwest 37th Avenue wrapped construction. [South Florida Business Journal]Mark Maurer