EX-99.1
5
v146288_ex99-1.htm
MIAMI-(BUSINESS
WIRE)-Florida Gaming Corporation (OTCBB:
FGMG
-
News
) announced today
that FGMG has completed Phase 1 of its two-phase acquisition of 10.962 acres of
property from Miami-Dade County ("County"). The Company previously announced the
Agreement to acquire the property from the 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. As part of this transaction, the County purchased an easement of.492
acres from FGMG for $1,014,300. Phase 1 acquisition consists of the purchase of
approximately 2.283 acres from Miami-Dade County by Florida Gaming for
$3,348,429. The Company paid a down payment of $334,843 and the County financed
the remaining balance of $3,013,586 for 15 years at a fixed interest rate of
7.25%. The parties will pursue a permanent closing of NW 37
th
Avenue
which would connect the existing jai-alai property to the newly acquired
property.
Closing
of Phase 2 of the transaction for the remaining 8.679 acres is scheduled to take
place prior to July 1, 2010.
Contact:
Florida
Gaming Corporation
W.
Bennett Collett, Chairman and C.E.O., 502-589-2000

EX - 99 . 1 5 v146288 _ ex99 - 1 . htm MIAMI - ( BUSINESS WIRE ) - Florida Gaming Corporation ( OTCBB : FGMG - News ) announced today that FGMG has completed Phase 1 of its two - phase acquisition of 10.962 acres of property from Miami - Dade County ( " County " ) . The Company previously announced the Agreement to acquire the property from the 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 . As part of this transaction , the County purchased an easement of . 492 acres from FGMG for $ 1,014,300 . Phase 1 acquisition consists of the purchase of approximately 2.283 acres from Miami - Dade County by Florida Gaming for $ 3,348,429 . The Company paid a down payment of $ 334,843 and the County financed the remaining balance of $ 3,013,586 for 15 years at a fixed interest rate of 7 . 25 % . The parties will pursue a permanent closing of NW 37 th Avenue which would connect the existing jai - alai property to the newly acquired property . Closing of Phase 2 of the transaction for the remaining 8.679 acres is scheduled to take place prior to July 1 , 2010 . Contact : Florida Gaming Corporation W . Bennett Collett , Chairman and C . E . O . , 502 - 589 - 2000
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