Lender wins Miami Jai-Alai auction

Miami /
Mar.March 26, 2014 09:45 AM

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


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