AURORA, ON, May 27 /PRNewswire-FirstCall/ -- MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that effective May 28, 2010, Kenneth Dunn will step down from his current role as Interim General Manager of Gulfstream Park ("GSP") (http://www.gulfstreampark.com/) and has accepted an appointment as advisor to MID's Vice-Chairman and Chief Executive Officer, Dennis Mills. Mr. Dunn will assist with GSP matters and other MID race track business units.
Also effective May 28, 2010, Steve Calabro will be appointed the new Interim General Manager of GSP. Mr. Calabro brings considerable experience to this appointment having been awarded progressively increasing responsibilities in the gaming industry at Trump Entertainment Resorts and Harrah's Entertainment prior to joining GSP.
"I would like to thank Ken for his commitment and professionalism while at Gulfstream Park," stated Dennis Mills, MID's Vice-Chairman and Chief Executive Officer. "I am delighted Steve has accepted the challenge to lead Gulfstream Park, and am confident that he will complement our advisory team by building on Ken's good work at Gulfstream Park."
About MID: MID is a real estate operating company engaged primarily in the acquisition, development, construction, leasing, management and ownership of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe. MID also acquires land that it intends to develop for mixed-use and residential projects. Additionally, MID owns Santa Anita Park, Golden Gate Fields, Gulfstream Park (including an interest in The Village at Gulfstream Park, a joint venture with Forest City Enterprises, Inc.), The Maryland Jockey Club, Portland Meadows, AmTote and XpressBet, and through some of these assets, is a supplier, via simulcasting, of live horseracing content to the inter-track, off-track and account wagering markets. For further information about MID, please visit http://www.midevelopments.com/ or call 905-713-6322. At http://www.sedar.com/ and http://www.sec.gov/ you can also find MID's filings.
Forward-Looking Statements: This press release may contain statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements may include statements regarding MID's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/or management's good faith assumptions and analyses made in light of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond MID's control, that could cause actual events or results to differ materially from such forward-looking statements. Important factors that could cause such differences include, but are not limited to, the risks set forth in the "Risk Factors" section in MID's Annual Information Form for 2009, filed on SEDAR at http://www.sedar.com/ and attached as Exhibit 1 to MID's Annual Report on Form 40-F for the year ended December 31, 2009, which investors are strongly advised to review. The "Risk Factors" section also contains information about the material factors or assumptions underlying such forward-looking statements. Forward-looking statements speak only as of the date the statements were made and unless otherwise required by applicable securities laws, MID expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events or circumstances or otherwise.
MI Developments Inc.
CONTACT: please contact Dennis Mills, Vice-Chairman and Chief Executive
Officer of MID, at (905) 726-7614
