MIAMI—A federal judge could decide today whether to approve the $155-million purchase of the Casino Miami Jai-Alai by ABC Funding, which had provided financing for the facility's recent casino gaming expansion.
On Tuesday at an auction held at the Biltmore in Coral Gables, ABC Funding bested bids by casino operators Mohegan Sun and Penn National Gaming, as well as Chicago-based Z Capital, according to Luis Salazar, an attorney who represented Casino Miami Jai-Alai at the auction.
The auction stemmed from the Chapter 11 bankruptcy filing of the casino's parent company, Florida Gaming Corp., in August aimed at thwarting ABC Funding's litigation over alleged non-payment of its $87-million loan, according to the Miami Herald.
The bankruptcy filing also came after Florida Gaming had agreed to sell Casino Miami Jai-Alai, which is located at 3500 N.W. 37th Ave., for $130 million to New York City-based investment firm Silvermark LLC that owns casino properties in Panama and Curacao. See story in the Miami Herald.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
