AURORA, ON, July 21 /CNW/ - Magna Entertainment Corp. ("MEC")
(NASDAQ: MECA; TSX: MEC.A) announced today that Scott Borgemenke will leave
his position as Executive Vice President, Racing effective July 18th.
"Scott has helped MEC move forward on a number of important operational
initiatives. We very much appreciate his efforts, and we wish him well," said
Frank Stronach, MEC Chairman and Chief Executive Officer.
Scott Borgemenke stated: "MEC is a company with enormous growth
opportunities. I wish my friends there nothing but success, and will continue
to provide any counsel I can. I will watch intently as the MEC team implements
its strategic plan. Unfortunately, at this point in my life, my corporate and
family responsibilities conflict."
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(R), 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, Chief
Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora,
Ontario, L4G 7K1, Telephone: (905) 726-7493, Website: www.magnaent.com