MIAMI-The owner of the Miami Jai-Alai facility here is proposing to sell the company in a bankruptcy auction.
Florida Gaming Corp., the owner of the jai-alai facility located at 3500 N.W. 37th Ave. filed for Chapter 11 bankruptcy protection in August to delay foreclosure litigation filed by ABC Funding over a $120-million loan, according to the South Florida Business Journal. According to court documents, ABC Funding would not allow the sale to proceed.
Bankruptcy Judge Robert A. Mark will hear the motion for the auction on Dec. 11. Miami Jai-Alai has 1,000 slot machines in a casino that was completed in 2012. Florida Gaming had a net loss of $26.4 million on revenue of $40.2 million in the first nine months of 2013. See story in the South Florida Business Journal.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
