Gaming News

MI Developments kills bid for race-track assets

CANADA -- As reported by the Globe and Mail: "MI Developments Inc. has abandoned a stalking horse bid for some of the tracks and real estate of its Magna Entertainment Corp. (MEC) unit, which is operating under chapter 11 bankruptcy protection.

"The real estate company said it may still bid for some of the assets in order to recover money on loans it made to MEC.

"...MI Developments is providing $38.4-million (U.S.) in debtor-in-possession financing to MEC, which owns several leading U.S. horse tracks..."

< Gaming News