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Jack Carr
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Jai-Alai The World's Fastest BallGame!!

July 10th,2013

Jai-Alai is dying a slow death

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3-Jul-2013 Miami Jai-Alai Files July 3rd,2013

On June 27, 2013, Florida Gaming Centers, Inc. ("Centers"), the wholly owned subsidiary of Florida Gaming Corporation (the "Company"), received a valuation report from Jefferies LLC. As previously reported, Jefferies was engaged to determine the "Net Company Value" and the "Appraised Value" of Centers in the manner and in accordance with the terms set forth in Section 8 of the Warrant Agreement dated as of April 25, 2011 among Centers, the Company and certain warrant holders named in the Warrant Agreement (the "Report").

The Net Company Value and Appraised Value were required to determine the repurchase price for the warrants issued pursuant to the Warrant Agreement. The Company's repurchase of the warrants is a condition to closing the sale of Centers to Silvermark LLC pursuant to the Stock Purchase Agreement among the Company, Centers and Silvermark dated as of November 25, 2012.

As defined in the Warrant Agreement, when calculated in accordance with the sale of Centers, "Net Company Value" means the greater of (i) the net proceeds resulting from the transaction and (ii) the "Appraised Value." "Appraised Value" means the equity value of Centers that would be realized in a transaction between a willing seller and a willing buyer, neither of which is acting under compulsion and assuming each has full access to relevant information. The warrant repurchase price is determined by multiplying the "Base Percentage" by the Net Company Value. The current Base Percentage is 35%.

The Report indicated an Appraised Value, as defined, of $76.7 million as of May 31, 2013. Because this Appraised Value is greater than the net proceeds that the Company would receive from the Silvermark transaction, the Appraised Value would be the Net Company Value used for determining the warrant repurchase price. Multiplying the Net Company Value by the current Base Percentage would result in a warrant repurchase price of $26.845 million. Because the warrant repurchase price exceeds the proceeds the Company expects to receive from the Stock Purchase Agreement, the Company is evaluating its options.

The foregoing description of the Warrant Agreement is qualified in its entirety by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K dated April 25, 2011. The foregoing description of the Stock Purchase Agreement is qualified in its entirety by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K dated November 25, 2012.

On June 28, 2013, Silvermark notified the Company and Centers that it had exercised its right to extend the expiration time under the Stock Purchase Agreement until 11:59 P.M., E.T on July 31, 2013.

As previously disclosed, under the Third Amendment to Stock Purchase Agreement entered into by the parties as of May 8, 2013, if the transactions contemplated by the Stock Purchase Agreement had not been consummated on or before May 31, 2013, then Silvermark has the option to extend the expiration time, from time to time, to no later than 11:59 P.M., E.T. on August 30, 2013 upon written notice to the Company.
Forward-Looking Statements

This report and the exhibits hereto may contain statements that relate to future events and expectations which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "estimates," "expects," "forecasts," "hopes," "outlook," "plans," "projects," "should," "targets," "will," "will likely result," or other words of similar meaning.

All statements that reflect expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning gaming industry growth or other trend projections, anticipated financial results or operating performance, and statements about the Company's or Centers' outlook and business and financial prospects. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors and are not guarantees of future performance. Actual results, performance or outcomes may differ materially from those expressed in or implied by those forward-looking statements. The Company disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. FLORIDA GAMING CORPORATION Date: July 3, 2013 By: /s/ W. Bennett Collett, Jr. W. Bennett Collett, Jr. Chief Executive Officer

Seminole Tribe, Crist expected to sign gambling compact

April 2010
The proposal requires the tribe to pay a minimum of $1 billion over five years for the exclusive operation of blackjack, chemin de fer and baccarat at its Broward, Immokalee and Tampa casinos, but not at its Brighton and Big Cypress casinos, and the continuation of Class III slots at all seven of its casinos.

After three years and just as many attempts, Gov. Charlie Crist and the Seminole Tribe announced Tuesday they have a gambling agreement that balances the needs of the state and the tribe -- and legislators. The result, they say, is legislation expected to pass this week ratifying a compact that would guarantee the state $1 billion in new revenue for the next five years and possibly $500 million more.

The proposal is expected to be approved by the tribal council Wednesday morning in Hollywood, signed by Crist later in the day, and ratified by the House and Senate as early as Thursday.

``This really bodes well for the future of Florida,'' Crist said at a news conference announcing the agreement on Tuesday, adding that he hopes the money will be directed to education. ``The compact will help improve the quality of life for all Floridians and it could benefit the tribe and all our entire state.''

The linchpin of the deal is the plan to authorize -- for five years only, and at five of the tribe's seven casinos -- card games that currently are not legal in Florida. In previous talks, the prospect of the tribe offering blackjack, baccarat and chemin de fer -- table games that weren't allowed anywhere else in Florida -- repeatedly stalled attempts at compromise.

Former Gov. Jeb Bush and the more conservative House always fought the games as an expansion of gambling in Florida, while the more moderate Senate wanted to give the state's horse and dog tracks and jai alai frontons the opportunity to offer the same games to compete with the tribe.

The five-year limit gives the tribe the assurance that the Legislature won't give the parimutuels the card games as the tribe expands the games and makes other investments in its gambling empire.

``When the tribe is committing this type of money, it's important to know the scope of gaming,'' said Jim Allen, CEO of the Seminole's Hard Rock Casino in Hollywood who proposed the five-year limit when talks resumed with legislators early this year.

After the tribe operates the card games for five years, the Legislature must either pass a law to allow them to continue or order the tribe to halt the games. Lawmakers could also expand casinos to other parts of Florida. In that case, the tribe would be allowed to reduce the amount of money it pays the state.

If the Legislature doesn't take any action at all, the authorization for the table games expires after the five years. The tribe would still have to pay the state to continue operating Las Vegas-style, or Class III, slot machines for the next 15 years.

``At the end of the day, what we have created is a good basis for moving forward and some real equity,'' said Rep. Bill Galvano, a Bradenton Republican and the key legislative negotiator with the tribe.

As a condition of approving the compact, the Legislature will also approve a parimutuel equity bill to lower the tax rate on slot machines for dog tracks, horse tracks and jai alai frontons in Miami-Dade and Broward from 50 percent to 35 percent. The bill will also extend hours, betting limits and clean up some loopholes in the law to favor parimutuels.

``I'm happy with it,'' said Dan Adkins, president of Mardi Gras Casino and Gaming in Hollywood. ``I view it as a way to start to deliver what we promised. We've had our hands tied with this tax rate.''

He said his casino will use the tax break to expand and better promote its games. Galvano, Sen. Dennis Jones, lawyers for the governor and representatives of the tribe finalized the agreement during negotiations on Friday.

The proposal allows the tribe exclusive operation of table games at its Broward, Immokalee and Tampa casinos, but not at its Brighton casino in Okeechobee or its Big Cypress casino in Clewiston. It will be allowed to operate Class III, Las Vegas-style slot machines at all seven casinos.

The payments to the state will be broken down this way: $150 million per year for years one and two, $233 million for years three and four and $234 million for year five. Additionally, because the agreement will require the tribe to pay 10 percent of its net revenue to the state over the last three years of the table-game agreement, legislative staff members expect the payments to exceed the minimum amounts -- by an estimated $200 million.

Add to that the $287 million that will be in the bank from the tribe -- because it has been sending the state $12.5 million a month since Crist signed the first, now-defunct compact in November 2007 -- and House and Senate negotiators say they can comfortably predict the state will net $1.5 billion over five years.

The proposal allows the 19 parimutuels outside of Miami-Dade and Broward to install as many as 350 bingo-style machines, vending machines that dispense lottery tickets and historic racing machines. The proposal explicitly defines the games to make sure they do not operate or look too similar to slot machines.

The historic racing machines are patterned after games already offered in other states, which allow players to bet on horse or dog races. The historic races would have a maximum prize of $1,000 to $2,500. The compact also requires the tribe to operate a training and education program on compulsive gambling and provide materials about a 24-hour gambling helpline and maintain a list of problem gamblers

The tribe agrees to waive its tribal sovereign immunity and be subject to lawsuits if visitors to its property are injured. The lawsuits, however, will be held to the same limits as the state -- currently at $100,000 to $200,000 per incident.


Will Miami Jai-Alai Ever Get Slots?
Answer Below

As I Was Watching A Game And Thinking It Over,
I Now Have The Answer!

General Manager Dan Licciardi still feels confident that something will break soon."As I've said before,it's not a matter of 'if' it will happen,but a matter of when."said Licciardi

Source: Northern Star Magazine,The Jai-Alai Corner W/"Big Dave Lemmon..March 2010

  • Miami's Overall Wins Leaders
  • 1-Lopez 147
  • 2-Goikoetxea 125
  • 3-Irastorza 98
  • 4-Aitzol 94
  • 5-Chauderson 88

Stats Through April 5th,2010

Miami Player's Absentee Report: Click here
Miami Entries & Results Click Here
Miami Player Statistics Click here

Miami Jai-Alai is located at
3500 N.W. 37th Avenue
(36th st. & 37th ave.)
Miami Fl (305) 633-6400

Miami To Undergo Extensive Renovations.

April,2010 Now,the ancient building will undergo extensive renovations this summer as Miami Jai-Alai hopes to move into a new gambling era by bringing slot machines into a modern casino,adjacent to a playing court that will resume hosting the finest jai-alai players in the world-pelotaris that will continue to thrill fans with the traditional sport.

While exact renovations plans will be determined by ongoing legislative changes this spring that will presumably affect investment revenue for the fronton,this much is clear:there will be a planned dark period for live jai-alai for the first time in over twenty years.

The final day of jai-alai for approximately four months will be Friday,April 30th.Depending on the eventual scope of the renovations and the down time-is hoping to return to regular business sometime in September.

Note:The Miami Fronton will remain open for POKER & SIMULCASTING during the remodling

The Fort Pierce Fronton is located between I-95 and the Florida Turnpike at 1750 South Kings Hwy.If travling north from South Fl,take I-95 to exit 129 or the Turnpike to exit 152.Go east from the turnpike or west from I-95 to S.Kings Highway,then north a mile to the fronton.

Source: The Jai-Alai Corner w/Big Dave Lemmon

Fort Pierce 2009 Roster


Fort Pierce Jai-Alai Open year Round For Poker & Simulcasting..
Live Jai-Alai Starts in May 7th, 2010
Ft Pierce Website

Fort Pierce Opens For LIVE Jai-alai on May 7th,2010

Fort Pierce Website Click Here

This website is a tribute to David kelly aka "Thee Kellyaga" and Jack Carr

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