Magna Entertainment has signed agreements to operate Portland Meadows and purchase Multnomah Greyhound Park near Portland, Ore. Both agreements are subject to regulatory approval.
While Magna pursues the purchase of Multnomah, the Canadian racetrack conglomerate announced it intends to lease the underlying real estate from track owner Arthur McFadden.
"We believe that our operation of both Portland Meadows and Multnomah Greyhound Park presents a good opportunity for the rejuvenation and expansion of the Oregon racing industry," said Jim McAlpine, president and chief executive officer for Magna.
Tom Moyer, a real estate developer and former movie theater magnate, now owns Portland Meadows' operating rights. Moyer purchased the rights March 16 from Vancouver businessman Gene Ferryman and intends to operate the track for up to three years then turn the site into a mixed-use development. He is already a partner in the Hayden Meadows shopping complex that adjoins Portland Meadows. Moyer is one of 14 shareholders who own the racetrack and its 126-acre site.