Florida Gaming Selling Struggling Miami Jai-Alai For $115M

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Jai Alai: the speediest sport ball in the world in Miami. (Photo by David LEFRANC/Gamma-Rapho via Getty Images)

Jai Alai: the speediest sport ball in the world in Miami. (Photo by David LEFRANC/Gamma-Rapho via Getty Images)

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MIAMI (CBSMiami) – A new casino sporting 1,000 slot machines apparently was not enough to keep Miami Jai-Alai from succumbing to its financial struggles.

Florida Gaming Corp. is selling both Miami Jai-Alai and Fort Pierce Jai-Alai for $115 million in cash to Silvermark, LLC, the South Florida Business Journal reported.

The company will also assume $15 million in mortgages owed to Miami-Dade County. The cash will be used by Florida gaming to repay an $87 million mortgage and to repay $10.5 million in debt.

The shareholders of Florida Gaming have to approve the deal.

While Silvermark LLC is not a registered Florida corporation, the New York address of Silvermark is the same as Silver Entertainment, which owns the Veneto Hotel and Casino in Panama and the Veneto Casino at the Holiday Beach Resort in Curacao.

Officials at Silver Entertainment couldn’t be reached for comment.

The South Florida Business Journal contributed material for this report.

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