Magna Entertainment Corp. Announces Final Approval by the Oklahoma Horse Racing...
Equestrian News Release
Commission on the Application of Remington Park, Inc. for a Racetrack Gaming Operator's License
AURORA, ON, Aug. 12 /PRNewswire-FirstCall/ -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.SV.A) is pleased to report that on Thursday, August 11, 2005, the Oklahoma Horse Racing Commission (the "Commission") formally approved the granting of a conditional racetrack gaming operator's license to its subsidiary, Remington Park, Inc. The approval constitutes the final action required by the Commission for the implementation of 650 alternative gaming devices at Remington Park.
In announcing the Commission's decision, MEC President and CEO, Tom Hodgson commented: "The Commission's action marks another milestone in our plan to bring alternative gaming to Remington Park prior to the end of 2005. We look forward to continuing to work with the regulators as we satisfy the conditions contained in our gaming license, such as completion of construction, implementation of security and surveillance plans, and other customary requirements."
Legislation was enacted by public referendum in November 2004 allowing Remington Park, Inc. to operate 650 gaming machines subject to approval of the Commission. It is anticipated that the gaming facility will improve Remington Park's business results and help support the horse industry through increased purses.
MEC, North America's number one owner and operator of horse racetracks, based on revenues, develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(R), a national Internet and telephone account wagering system, and HorseRacing TV(TM), a 24-hour horse racing television network.
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