Bal Bay Management secured a $30 million loan to complete the expansion of the casino at Hialeah Park. The loan from Wells Fargo Gaming Capital is structured as a $25 million term loan and a $5 million revolving line of credit. The project is slated for completion by the end of 2015.
The historic Hialeah Park was built in 1922 on a 200-acre site at 2200 East 4th Ave. In 2014, the property underwent a $60 million expansion with the addition of 235 slot and gaming machines, 12 new poker tables, an outdoor entertainment venue and a racing simulcast center. Hialeah Park made $64.1 million in net slot machine revenue and $763,000 in card room revenue for the 12 months ending June 30, according to the Florida Division of Pari-Mutuel Wagering,
