AURORA, ON, April 18 /CNW/ - Magna Entertainment Corp. ("MEC") (NASDAQ:
MECA; TSX: MEC.A) announced today that the outcome of a referendum in Dixon,
California on certain entitlements with respect to its proposed horse racing
complex was not favorable. Voters overturned four separate actions that were
previously approved by the Dixon City Council allowing MEC's proposed
racetrack and mixed-use development.
"MEC would like to thank all the individuals who worked so relentlessly
on this initiative, as well as its many supporters across California and
within the horse-racing industry. We are especially grateful to MEC
Vice-Chairman Dennis Mills, Lorne Kumer, VP Development of MI Developments
Inc. and their team for their great effort and personal sacrifice, as they
fought to bring MEC's vision to Dixon," stated Michael Neuman, Chief Executive
Officer of MEC. "MEC strongly believes in its proposed plan for Dixon and the
powerful economic impact such a plan could have on any town, particularly
following the anticipated closure of another racetrack in the region."
MEC will take this opportunity to speak with town leaders and MEC's
supporters in Dixon in the course of evaluating its options regarding the
potential future development of its Dixon land holding.
MEC, North America's largest owner and operator of horse racetracks,
based on revenue, acquires, develops, owns and operates horse racetracks and
related pari-mutuel wagering operations, including off-track betting
facilities. MEC also develops, owns and operates casinos in conjunction with
its racetracks where permitted by law. MEC owns and operates AmTote
International, Inc., a provider of totalisator services to the pari-mutuel
industry, XpressBet(R), a national Internet and telephone account wagering
system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures,
MEC has a fifty percent interest in HorseRacing TV(TM), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content management company
formed for distribution of the full breadth of MEC's horse racing content.
For further information:
For further information: Blake Tohana, Executive Vice-President and
Chief Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora,
ON, L4G 7K1, Tel: (905) 726-7493