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Magna Receives Final Approval for Maryland Jockey Club Acquisition21 November 2002AURORA, Ontario – (Press Release) -- The Virginia 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"). In addition to its Maryland operations, MJC manages, through a subsidiary, Colonial Downs in New Kent, Virginia and its network of Virginia off-track betting facilities. It is this management arrangement that required the approval of the Virginia Racing Commission. The Maryland Racing Commission unanimously approved the transaction on November 13. Today's unanimous Virginia Racing Commission approval is the final regulatory approval required in connection with the transaction, which 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(TM). The Maryland Jockey Club is the oldest sporting organization in North America, established in 1743. It owns and operates Maryland's two major thoroughbred tracks, Pimlico Race Course in Baltimore - the home of the Preakness Stakes, the middle jewel in thoroughbred racing's Triple Crown - and Laurel Park, located in Laurel, MD, midway between Baltimore and Washington, DC. MJC runs 220 live thoroughbred racing dates a year at Pimlico and Laurel. Through ownership of the Maryland-Virginia Racing Circuit, Inc., MJC manages Colonial Downs in New Kent, VA, and its network of Virginia off-track betting facilities. Colonial Downs is Virginia's only major horse racing facility and runs approximately 26 days of live thoroughbred racing in the summer when live racing is not conducted at Pimlico or Laurel. MJC also owns and operates the Bowie Training Center in Bowie, MD, and manages three off-track betting facilities in Maryland. This year's Preakness drew the second largest crowd in the track's 132- year history - 101,138 - despite cold and inclement morning weather. Television coverage of the Preakness on NBC Sports drew the highest rating since 1990. The day's handle from all sources topped $71 million, a 14 percent increase over last year. |