Florida Gaming Corporation Agrees to Acquire Additional Casino-Related Property from Miami-Dade County
MIAMI-(Business Wire)-January 6, 2009 - Florida Gaming Corporation (OTCBB: FGMG) has agreed to acquire a total of 10.982 acres of property from Miami-Dade County in exchange for a right-of-way of .492 acres to be used by the Miami-Dade Metro Rail, an overhead light rail system. The total purchase of the acreage (10.982) was $16,742,145. The Company agreed to exchange the .492 acres valued at $1,014,300, plus cash of $1,572,785, and a 15-year, 7 ¼% fixed rate interest in the amount of $14,155,060. The Company also received air-rights over N.W. 37th Avenue, which separates the two parcels.
Upon conclusion of these actions, Miami Jai-Alai’s casino footprint will effectively grow from the present 8.6 acres to approximately 20 acres, thereby accommodating any potential future build-out. This will also allow Miami Jai-Alai to virtually enclose its casino area and provide a controlled, safe and well illuminated facility. Miami Jai-Alai has the right to operate 2,000 slot machines as well as wager on live jai-alai, simulcast horses and jai-alai, and operates poker and domino tables.
For information concerning this NEWS RELEASE, or other corporate matters, please contact the following:
W. Bennett Collett
Chairman and C.E.O.
(502) 589-2000
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