A Securities and Exchange Commission filing on Thursday disclosed that Florida Gaming Corp. has defaulted on a loan held by Isle of Capri Casinos (ISLE: 8.57 0.00%).

The Miami-based company which owns Miami Jai-Alai and Fort Pierce Jai-Alai, said it failed to make payment on a $3 million promissory note due to Isle on December 31.

The missed payment resulted in an interest rate spike to 18%.

“The registrant, Florida Gaming and Isle currently are engaging in discussions to restructure the repayment to Isle of amounts due Isle under the Isle documents,” Florida Gaming stated in the SEC filing.

Isle of Capri is based in St. Louis Missouri and owns casinos across the country, including Isle Casino & Racing at Pompano Park in Pompano Beach.

Isle opened trading today with a stock price of $8.38 up $0.04 from Friday’s closing price of $8.34.

Shares of Isle increased $0.90 this month with news of several contracts secured to manage bankrupt and potential future casinos.

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