Magna Entertainment will rent Portland Meadows from its new operator and run the Oregon racetrack for two or three years, then the racetrack will be closed, according to The Oregonian.
Tom Moyer, who purchased the track's operating rights last month, said he is planning a mixed-use development for the property. He is already a partner in the Hayden Meadows shopping complex that adjoins Portland Meadows, according to the Portland newspaper.
Moyer told the paper that Portland Meadows would operate for "three (years) at the maximum" while he firms up development plans for the 126-acre site. He understood that Magna intended to build a new racetrack south of Portland near Wilsonville, where the Toronto-based racetrack conglomerate owns property.
Ron Volkman, a Magna director, confirmed that his company will rent Portland Meadows, but would not say what Magna's plans are after the racetrack closes.
"Any information on any future things we might be doing in the area will not be given out at this time," Volkman told The Oregonian.
"But, generally speaking, I will say that we are very bullish about the city and about the state, and we have had some positive conversations."
County officials for Clackarnas, Marion, and Washington counties, which converge in the Wilsonville area, told The Oregonian
they have not had any inquiries about building a racetrack. They also said rezoning agricultural land for such a project would be difficult.
Magna officials also have been talking to Art McFadden, owner of the Multnomah Greyhound Park, which is in Fairview just east of Portland. McFadden would only say that he and Magna were in negotiations about a possible sale of the track.