Magna Closes Deal on Lone Star Park
Updated: Friday, November 1, 2002 10:49 AM
Posted: Thursday, October 31, 2002 2:44 PM
Magna Entertainment Corp. announced Thursday that it had successfully completed the acquisition of Lone Star Park at Grand Prairie.
The Ontario-based racing conglomerate bought the track near Dallas for $80 million cash and assumed a $19-million lease. Lone Star is the ninth Thoroughbred racetrack and the 11th track Magna has acquired since December 1998.
Lone Star, which opened for live racing in 1997, will be host to the 2004 Breeders' Cup World Thoroughbred Championships. The track reported a 4.3% gain in average daily handle for its 70-day Thoroughbred meet that ended July 14. The total on-track wagering for the meet was $44.3 million, off-track wagering totaled $143.4 million, and the total handle from all sources reached $233.8 million.
In fiscal year 2001, MEC had revenues of $519.1 million and net income of $13.5 million. In the first half of 2002, MEC reported revenues of $377.0 million and net income of $19.7 million.
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