AURORA, ON, July 5 /PRNewswire/ - Magna Entertainment Corp. ("MEC")
(NASDAQ:MIEC; TSE: MIE.A, MEH) today announced that it has signed agreements
to operate Portland Meadows thoroughbred racetrack and to acquire the
operations of Multnomah Greyhound Park. Both Portland Meadows and Multnomah
Greyhound Park are located in Portland, Oregon.
The agreement to operate the Portland Meadows racetrack is subject to
certain conditions, including the receipt of various regulatory approvals.
MEC has also agreed to acquire the operations of Multnomah Greyhound Park
from Arthur McFadden, subject to various regulatory and other approvals.
Concurrent with its acquisition of the operations of Multnomah, MEC will enter
into a lease with Mr. McFadden for the underlying real estate.
Jim McAlpine, President and Chief Executive Officer of MEC, stated: "We
are pleased to announce our entry into the State of Oregon. We believe that
our operation of both Portland Meadows and Multnomah Greyhound Park presents a
good opportunity for the rejuvenation and expansion of the Oregon racing
industry."
Arthur McFadden stated: "I look forward to helping MEC bring about
improvements that will benefit Oregon racing."
MEC, one of the largest operators of premier horse racetracks in the
United States, acquires, develops and operates horse racetracks and related
pari-mutuel wagering operations, including OTB's, and owns and operates a
national account wagering system called "Call-A-Bet."
SOURCE Magna Entertainment Corp.
CONTACT:
Graham Orr, Executive Vice President & Chief
Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora, Ontario
