Florida Gaming Corporation

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International Guild of Hospitality & Restaurant Managers

Florida Gaming Corporation (OTC BB:BETS.OB)

3500 NW 37TH Avenue
Miami, FL 33142

Phone: (305) 633-6400
Fax: (305) 633-4386
Email: miajaili@netrunner.net
Employees (last reported count): 86

Florida Gaming Corp. operates two jai-alai fronton and inter-track pari-mutuel wagering facilities. The business consists of jai-alai, intertrack wagering and the sale of food and alcoholic beverages. For the nine months ended 09/02, total revenues rose 1% to $8 million. Net loss applicable to Common fell 68% to $253 thousand. Results reflect higher live Jai-Alai Mutuel revenues, and lower operating expenses.

Florida Gaming Corporation, incorporated in 1976, owns and operates two jai-alai fronton and inter-track pari-mutuel wagering facilities (each, a Fronton, and collectively, the Frontons) located in South and Central Florida . The Company's business consists primarily of its operations at the Frontons, which include live jai-alai performances, inter-track pari-mutuel wagering (ITW) on jai-alai, horse racing (both thoroughbred and harness) and dog racing, as well as the sale of food and alcoholic beverages. The Fort Pierce location provides inter-track wagering on interstate simulcasting of horse racing, dog racing and jai-alai from various tracks and frontons in the United States and within the State of Florida . Jai-Alai games are played live and simulcast year-round from the Miami facility via satellite to a total of 62 pari-mutuel wagering locations in Florida , Connecticut and Rhode Island , and to approximately 25 locations in Mexico , Central America and Austria . Poker and dominoes are played at the Miami Jai-Alai Crystal Card Room.

The term "pari-mutuel wagering" refers to the betting by members of the public against each other. It includes wagering on both live performances and inter-track pari-mutuel wagering.

Before the acquisition of the Fort Pierce Jai-Alai Fronton in February 1994, the Company engaged in several other lines of business, none of which are in operation. The Company was incorporated as Lexicon Corporation. In March 1994, it changed its name to Florida Gaming Corporation.

In late 1996, the county governments of Dade County and Hillsborough County , Florida , passed legislation permitting poker rooms to be operated by all pari-mutuel facilities located in those counties. As a result, the Company built a poker room in Miami with 40 tables during the second quarter of 1997. The Miami facility conducts low-stakes poker and dominoes two hours prior to, during and two hours following live jai-alai performances. The Miami facility also offers dominoes.

This same statute also authorized full-card simulcasting of races from out-of-state tracks such as Belmont , Meadowlands, Philadelphia Park and Santa Anita. The Fronton in Fort Pierce is carrying several of these race simulcast signals.

Pursuant to the pari-mutuel wagering permit granted by the Florida Department of Pari-Mutuel Wagering (DPMW), each Fronton, in order to conduct ITW, must offer a full schedule of jai-alai performances of at least 100 live evening and/or matinee performances per year. In addition, the Fronton may offer ITW year-round as long as a pari-mutuel facility in Florida is providing the required number of live performances per year. The Miami Fronton conducts live jai-alai performances year-round. Fort Pierce operates on four-month seasons. The Ft. Pierce Fronton remains open for ITW year-round during the period when live jai-alai performances are not being conducted.

The Company is permitted to operate a limited number of charitable and scholarship nights in addition to its regular performances. The taxes otherwise due to the State of Florida for such nights are allocated to various charitable causes and scholarships as determined by the Company in accordance with Florida law.

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