The Casino at Hialeah Park obtained a big loan to help it complete its expansion.
Wells Fargo Gaming Capital, an affiliate of the banking giant (NYSE: WFC), provided a $30 million loan to Bal Bay Management, the owner of the casino and quarter horse race track managed by John J. Brunetti Sr. It’s located on 200 acres at 2200 East 4th Ave.
The mortgage consists of a $25 million term loan and a $5 million revolving line of credit.
Founded in 1922, Hialeah Park is famous for its historic races and flamingos. In 2014 it began a $60 million expansion with 235 slot and gaming machines, 12 new poker tables, an outdoor entertainment venue and a racing simulcast center.
The project should be completed by the end of 2015. The new poker room is already open.
According to the Florida Division of Pari-Mutuel Wagering, Hialeah Park had $64.1 million in net slot revenue for the 12 months ended June 30. Its card room had $763,000 in revenue.
