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Magna Has $273.9 Million For Acquisitions

7 May 2002

NEW YORK – As reported by the Thoroughbred Times: "Magna Entertainment Corp., which owns or operates ten racetracks in the United States, has a total of $273.9-million available in cash and credit to pursue the company's strategy of acquiring more tracks.

"The figure was released in the company's report on its finances for the first quarter, which ended on March 31. Magna Entertainment raised $188.9-million from a stock offering completed recently and also has $85-million in lines of credit.

"…Magna has signed an agreement to purchase the operations and related assets of Lone Star Park for $80-million in cash and the assumption of lease obligations for about $19-million. Magna also has been reportedly negotiating to purchase the Maryland Jockey Club tracks—Pimlico Race Course and Laurel Park.

"…`We expected that the balance of 2002 will see continued improvements in the operating and financial performance of the racetrack segment of our business through the ongoing integration of our strategic acquisitions and growth in our account wagering operations,' said Jim McAlpine, Magna president and chief executive officer. `We will also continue to benefit from the sale of our remaining non-core real estate.'…"

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