Florida Gaming Corporation (FGMG) soars on slot machine licensing

Posted on: May 12th, 2011
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Florida Gaming Corporation (OTCBB: FGMG) shares vaulted 39.8% Thursday to $6.50, on word its slot machine operations have been approved. Volume for the stock was 8,800 shares, just shy of its daily average of 11,608.

The Miami-based company announced today that it has received a license from the State of Florida to begin Class III – “Vegas Style” slot machine operations at Miami Jai-Alai. The approval follows the closure of an $87-million five-year, Senior Term loan which will allow the company to proceed with its casino build-out.

Florida Gaming Corporation’s Chairman, William B. Collett, said; “With our financing and licensure in place, we are moving forward with construction and marketing plans. We believe the expanded gaming products will allow Miami Jai-Alai to regain its position among South Florida’s top entertainment destinations.”

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