Here you have a jai-alai operation that is gushing red ink, but sitting on a potential pot of gold in the form of a valid slots license. I say 'potential' because the current economy and encroaching competition cast some doubt over the value of the permit.
Give the company props for keeping a world-class roster, but how much longer can they go on losing $5 Million per year?
Rebuild in place? Sell the property and the permit? Move the property somewhere else in Miami? Drop back 15 and punt?
Nostalgic and historic as the fronton is, I can't imagine rehabilitating it to the extent needed for a first-class operation, so, even if jai-alai was to survive, it would probably be in a new facility.
You have up to $1 Million to spend ... just kidding.