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