Magna Entertainment Corp. announces award of racetrack license for proposed racetrack in Romulus, Michigan
Equestrian News Release
AURORA, ON, May 17 /PRNewswire-FirstCall/ -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.SV.A) today announced that its wholly-owned subsidiary, Michigan Racing, Inc., was awarded a license to construct and operate a horse racetrack in the Greater Detroit area by Michigan's Acting Racing Commissioner, Christine White. The license is subject to a number of conditions, including among others, the commencement of construction of the racetrack at the proposed site no later than September 1, 2007 and the commencement of live racing no later than October 1, 2009. The proposed site for the new racetrack is in the City of Romulus, Michigan, on a property which is situated less than two miles from the Detroit Metropolitan Airport and less than 25 miles from the center of the business districts of both Detroit and Ann Arbor.
W. Thomas Hodgson, President and Chief Executive Officer of MEC, remarked: "We are delighted that the Racing Commissioner has decided to grant us this license. MEC has long identified southeast Michigan as a promising market for thoroughbred racing with pari-mutuel wagering. We look forward to working with the Racing Commissioner, the City of Romulus, Wayne County and the Michigan horse industry as we pursue this exciting development."
MEC, North America's number one owner and operator of horse racetracks, based on revenue, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(TM), a national Internet and telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse racing television network.
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