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Maryland race track owner files for bankruptcy

6 March 2009

LAUREL, Maryland -- As reported by the Washington Examiner: "The Canadian-based company that owns Laurel Park racetrack filed for bankruptcy Thursday, adding another hurdle to the company's efforts at putting slot machines at the track.

"Magna Entertainment Corp. said it filed for bankruptcy because it needed a 'comprehensive financial restructuring."'

"...Magna has assets of slightly more than $1 billion and owes about $959 million to 10,000 to 25,000 debtors, according to court records.

"The bankruptcy filing is more bad news for the company. Last month a Maryland gaming commission rejected Magna's bid to put 4,750 slot machines at the racetrack after the company failed to submit a $28.5 million fee for its bid. The company has sued the state in an effort to keep its bid alive, saying the state's bidding process was unconstitutional. A judge is expected to rule on the company's lawsuit within two weeks..."

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