Less than two years after opening a casino, the Miami Jai-Alai facility filed for bankruptcy protection as its parent company is fending off a foreclosure from the holder of an $87 million loan, The Miami Herald reported yesterday. In a stock filing Monday night, Florida Gaming Corp. disclosed the chapter 11 filing, saying that the terms of a pending sale would essentially wipe out the company. Last year, Florida Gaming agreed to sell itself to a New York-based casino company, Silver Entertainment, for $115 million, including its debt. But Florida Gaming’s agreement with lenders requires it to pay out $114 million at the time of the sale, plus a penalty based on how many slot machines its rival at the Hialeah Park racetrack managed to get approved and operational.
