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Florida Gaming Corporation to Sell Its Ocala Gaming Facility

The total purchase price of the Ocala facility is $2,500,000, consisting of $2,250,000 in cash and a five-year note for $250,000 payable in yearly principal payments of $50,000 each plus interest at 8% per annum. The buyer has paid the company earnest money in the amount of $50,000, which is non-refundable.

The transaction is scheduled to close July 18, 2000.

Florida Gaming Corporation is the largest Jai-Alai operator in the world. The company owns and operates three pari-mutuel wagering facilities located at Miami, Ft. Pierce and near Ocala, Fla. These facilities contain an aggregate of 290,000 square feet of gaming space which accommodates over 8,000 gaming positions. The company offers pari-mutuel wagering on live Jai-Alai games at all three facilities. Jai-Alai games are simulcast year round from the Miami facility via satellite to a total of thirty seven (37) pari-mutuel wagering locations in Florida, Connecticut and Rhode Island, and to approximately twenty five (25) locations in Mexico, Central America and Austria. The company also offers year-round pari-mutuel wagering on Jai-Alai, horse racing (thoroughbred and harness) and greyhound racing. These races are received via satellite simulcasting at all three facilities. Poker and dominoes are played at the Miami Jai-Alai Crystal Card Room.

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