AURORA, ON, Oct. 10 /PRNewswire-FirstCall/ -- Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A) today announced that it has given formal notice to Empire Racing Associates, LLC ("Empire Racing") of its withdrawal as a member of Empire Racing.
MEC joined the coalition of entities that formed Empire Racing because it believes that thoroughbred horse racing in New York is an integral part of an important industry both in New York and throughout the country. With the other members of Empire Racing, MEC developed what it thought was a highly competitive franchise bid offering the right balance of horse racing renewal, economic development and financial participation by the State. Unfortunately, Empire Racing's bid has been rebuffed at two important stages in the process and the process has progressed in a manner which MEC does not see leading to a successful outcome for Empire Racing.
MEC hopes that thoroughbred racing in New York will be extremely successful in the future, regardless of the final outcome of the franchise bidding process.
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, 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.
