Magna Entertainment Corp. announced Tuesday an agreement to buy Flamboro Downs Holdings for $47 million, which will give the Ontario-based racetrack conglomerate its first racetrack in Canada.
Magna Entertainment chairman Frank Stronach told shareholders May 11 that he plans to buy four more racetracks in the United States. He said he hopes the racing conglomerate will control 35% of the U.S. handle on Thoroughbred races within two years. Stronach is also considering breaking into the Ontario racing market.
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