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Magna Acquisition of Maryland Jockey Club Approved14 November 2002AURORA, Ontario – (Press Release) -- The Maryland Racing Commission today unanimously approved the acquisition by Magna Entertainment Corp. ("MEC") (NASDAQ: MIEC; TSX: MIE.A, MEH) of the controlling interest in Pimlico Race Course and Laurel Park, which operate under the trade name The Maryland Jockey Club ("MJC"). The proposed acquisition and its terms were first announced on July 15, 2002. In addition to its Maryland operations, MJC manages Colonial Downs in New Kent, Virginia and its network of Virginia off-track betting facilities. Accordingly, the transaction is scheduled to be considered for approval by the Virginia Racing Commission at its meeting on Wednesday, November 20, 2002. Pending this final regulatory approval, the transaction is expected to close in late November or early December 2002. 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 off-track betting facilities, and owns and operates a national account wagering system called XpressBet. In the first nine months of 2002, MEC reported racing revenues of $433.9 million, an increase of $47.6 million over the comparable period in 2001. |