Magna Entertainment
Corp. Announces Preliminary Approval by the Oklahoma
Horse Racing Commission on the Application of Remington
Park, Inc. for a Racetrack Gaming Operator's License
Magna Entertainment Corp.
is pleased to report that on Thursday, July 21,
2005, the Oklahoma Horse Racing Commission took
preliminary action to grant a conditional racetrack
gaming operator's license to its subsidiary, Remington
Park, Inc. Formal approval of the conditional license
is expected to occur at the Commission's next meeting,
which is scheduled for August 11, 2005, when it
will consider the terms and conditions of an order
that Commission staff has been instructed to prepare.
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.
In announcing the Commission's decision, MEC President
and CEO, Tom Hodgson commented: "We are pleased
to announce this important development, as it reflects
a critical step in our effort to bring alternative
gaming and the prospect of increased profitability
to Remington Park. We look forward to continuing
to work with the regulators, horsemen and the people
of Oklahoma as we seek to bring alternative gaming
to Remington Park before the end of 2005."
About MEC
MEC, North America's number one owner and operator
of horse racetracks, based on revenue, owns and
operates horse racetracks and related pari-mutuel
wagering operations, including off-track betting
facilities. Additionally, MEC owns and operates
XpressBet®, a national Internet and telephone
account wagering system, and HorseRacing TV(TM),
a 24-hour horse racing television network.
This press release contains various "forward-looking
statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act").
The Act provides certain "safe harbor"
provisions for forward-looking statements. All forward-looking
statements made in this press release are made pursuant
to the Act. The reader is cautioned that these statements
represent our judgment concerning the future and
are subject to risks and uncertainties that could
cause our actual operating results and financial
condition to differ materially. Forward-looking
statements are typically identified by the use of
terms such as "may," "will,"
"expect," "anticipate," "estimate,"
and similar words, although some forward-looking
statements are expressed differently. Although we
believe that the expectations reflected in such
forward-looking statements are reasonable we can
give no assurance that such expectations will prove
to be correct. Important factors that could cause
actual results to differ materially from our expectations
include, but are not limited to: the impact of competition
from operators of other racetracks and from other
forms of gaming (including Internet and on-line
wagering); a substantial change in law or regulations
affecting our gaming activities; a substantial change
in allocation of live racing days; our continued
ability to effectively compete for the country's
top horses and trainers necessary to field high-quality
horse racing; our continued ability to complete
expansion projects designed to generate new revenues
and attract new patrons; and the impact of inclement
weather.
Source: Magna Entertainment Corp
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