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Florida tracks approved for slots

31 January 2008

MIAMI, Florida --(PRESS RELEASE) -- Florida Gaming Corporation (OTCBB: FGMG), announced today that on January 29, 2008, Miami-Dade County voters approved, in a local referendum, the operation of up to 2000 Class III Las Vegas style slot machines at Miami Jai-Alai, a pari-mutuel wagering facility owned by Florida Gaming.

This approval also permits Calder Race Track and Flagler Dog Track to operate up to 2000 slot machines. The approval should help Miami Jai-Alai be more competitive with area casinos.

The Company expects to continue negotiations with Isle of Capri Casinos, Inc. for a sale or other transaction involving Miami Jai-Alai pursuant to a Letter Agreement dated October 29, 2004.

Shares of Florida Gaming gained $7.50 or 45% and closed at $24.00 on January 30, 2008. Florida Gaming shares have traded in a 52-week range of $13.51 to $31.25.

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