The Real Deal Miami

Lender wins Miami Jai-Alai auction

ABC Funding's $155 million bid is enough to get casino, other company assets
March 26, 2014 09:45AM

3500 Northwest 37th Avenue in Miami

3500 Northwest 37th Avenue in Miami

In the end, the lender got the casino.

ABC Funding won Tuesday’s bankruptcy auction for the assets of Florida Gaming Corp., which includes the Miami Jai-Alai casino, according to a written announcement by law firm Salazar Jackson. The company loaned Florida Gaming $87 million for the expansion of the 3500 Northwest 37th Avenue casino. Florida Gaming filed for bankruptcy protection last August to halt a $115 million sale of the company to Silvermark LLC, which also participated in Tuesday’s auction.

Other bidders included Mohegan Tribal Gaming Authority and private equity firm Z Capital. The sale, which was held at the Biltmore Hotel in Coral Gables, must be approved by a bankruptcy judge before closing.

“Since last August we have been working toward a positive resolution to this case that would benefit not only those involved but also the surrounding community,” Salazar Jackson co-founder Luis Salazar said. “This sale makes that possible.”

Salazar, firm co-founder Linda Worton Jackson and associate Aaron Honaker represented Florida Gaming in the case. — Eric Kalis