Penny Stock News: Florida Gaming gets $87M loan for Miami Jai-Alai

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Florida Gaming Corp. said it received an $87 million senior secured term loan that it will use to expand its Miami Jai-Alai fronton with slot machines and nicer amenities.

The amount of the loan, which the Miami-based company (OTCBB: FGMG) announced Wednesday, seemed comparatively large, given that it listed $16.6 million in assets on Dec. 31 and recently had a $19.4 million market capitalization. Florida Gaming lost $4.8 million on revenue of $9.3 million in 2010, and ended the year with less than $1 million in cash and equivalents.

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