Magna Cancels Race Track Auction | WAMU 88.5 - American University Radio

: News

Filed Under:

Magna Cancels Race Track Auction

Play associated audio

By Meymo Lyons

Magna Entertainment Corp. no longer plans to auction its Maryland properties and will instead transfer Laurel Park and Pimlico Race Course to its parent company, a move likely to keep the Preakness in Maryland.

The race tracks were scheduled to go to auction tomorrow, but Magna informed auction participants that it would transfer the assets to its parent, MI Developments Corp.

Magna submitted the reorganization plan to a bankruptcy court, which must approve the new deal. Under the plan, the debt Magna owes its parent - approximately $435 million, will be written off and Magna will cease to exist.

The pay-off for MI Developments comes from a sure thing. The Preakness, the historic race run the third Saturday in May, draws about 100,000 spectators and generates more than $20 million in revenue each year: and a gamble, that Laurel Park will be reconsidered for a slot-machine license later this year.

Magna is currently challenging the Anne Arundel County council's zoning approval for a casino at Arundel Mills mall.

NPR

Not My Job: Travel Guru Rick Steves Gets Quizzed On Steve Ricks

Since we specialize in asking people things they know nothing about, we've decided to ask Rick Steves three questions about the people out there in the world who have his name, but reversed.
NPR

Syrup Induces Pumpkin-Spiced Fever Dreams

Hugh Merwin, an editor at Grub Street, bought a 63-ounce jug of pumpkin spice syrup and put it in just about everything he ate for four days. As he tells NPR's Scott Simon, it did not go well.
NPR

Texas Gubernatorial Candidates Go The Border To Court Voters

Republicans have won every statewide office in Texas for 20 years, but the growing Hispanic population tends to vote Democrat, and the GOP's survival may depend on recruiting Hispanic supporters.
NPR

Tech Week: Smartphone Privacy, Cyberstalking, Alibaba's Big Debut

Chinese e-commerce giant Alibaba makes the biggest debut on the NYSE ever. The details, and the other tech stories that piqued our interest, are in this week's roundup.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.