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Magna Horse Record Spotty

DETROIT, Michigan – As reported by the Detroit News: "As reported by the Even in tough economic times, Magna International Inc.'s strong-willed founder and Chairman Frank Stronach has built one of the world's biggest and most successful auto parts suppliers.

"When it comes to his passion for the horse racing business, however, his track record is marred by unfulfilled promises and deep financial losses.

"Stronach pledged last month to build a $100 million thoroughbred racing facility in Romulus after the Michigan Racing Commission awarded a license to Magna Entertainment Corp., which he spun off from Magna International in 1999.

"…But many racing industry experts say the Romulus racetrack may end up being another case of Stronach's vision failing to match up with reality.

"Specifically, they question why a company would invest $100 million in a horse track that cannot offer gamblers lucrative slot machines…"

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