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Reminington Park find despite Magna woes

15 August 2008

OKLAHOMA CITY, Oklahoma -- As reported by the Journal Record: "Remington Park will do fine regardless of whatever financial woes affect its parent company, Magna Entertainment Corp., track officials said Thursday. The Oklahoma City racetrack may be sold off to pay down Magna's debt, but Remington Park has the strength to continue operating as a stand-alone facility, said General Manager Scott Wells.

"'The announcement the Shawnee Tribe made last year has created some uncertainty, but we remain confident Remington Park will do well,' Greg Scoggins, national director of regulatory affairs for Remington Park owner MEC, told members of the Oklahoma Horse Racing Commission on Thursday. The tribe had announced its intent to build a casino and resort within two miles of Remington Park.

"...But the proposed tribal casino is not the main problem leading to the possible sale of Remington Park, which MEC has noted as one of its best-performing properties. June's announcement of Aurora, Ontario-based MEC's poor second quarter – a $21 million loss – followed a string of losses for the company.

"The interest on the substantial amount of debt the company has accrued is dragging down the company's financial performance. Though MEC has seen some financial improvement since 2007, the $16 million debt financing payment plus a $5 million write-down make this year's numbers look even worse, he said..."

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