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Magna Entertainment Corp. will record an $82-million non-cash write-down for the fourth quarter of 2003, but the company said there would be no operating impact on any of its racetracks.
Magna International has proposed a new publicly traded company--MI Developments Inc.--that would own all of Magna's automotive real estate as well as all of Magna Entertainment Corp., the leading owner of racetracks in North America in terms of holdings.
Total handle on the May 17 Preakness Stakes Day program at Pimlico Race Course topped $60 million for the third consecutive year, but it was down 9.5% from last year, according to figures released May 21 by the Maryland Jockey Club.
Gulfstream Park established a Florida record for pari-mutuel handle for a single race meet with $825.3 million wagered during its 89-day season in 2003, but attendance was down.
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