: 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

Lisa Lucas Takes The Reins At The National Book Foundation

Lucas is the third executive director in the history of the foundation, which runs the National Book Awards. Her priority? Inclusivity: "Everyone is either a reader or a potential reader," she says.
NPR

The Shocking Truth About America's Ethanol Law: It Doesn't Matter (For Now)

Ted Cruz doesn't like the law that requires the use of ethanol in gasoline. So what would happen if it was abolished? The surprising answer: not much, probably.
NPR

GOP Candidates Head To South Carolina After Trump Victory In New Hampshire

With the New Hampshire primary doing little to settle the GOP race, presidential candidates headed straight to South Carolina on Wednesday to start campaigning ahead of the state's primary in 10 days.
NPR

Twitter Tries A New Kind Of Timeline By Predicting What May Interest You

Twitter has struggled to attract new users. Its latest effort at rejuvenation is a new kind of timeline that predicts which older posts you might not want to miss and displays them on top.

Leave a Comment

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