Magna Entertainment Corp. is banking on legislation that would loosen state simulcasting laws and allow Portland Meadows to remain viable.
Attorneys for Magna Entertainment Corp. filed countersuit in Multnomah County Circuit Court in Oregon Feb. 18 to formally answer a $1-million breach-of-contract action brought against the company by the Oregon Greyhound Association.
Despite reporting increased revenues and decreased losses during 2004 and the fourth quarter of the year, Magna Entertainment was negatively impacted by setbacks in the reconstruction of Laurel Park in Maryland and spending on gaming initiatives and regulatory matters.
The Oregon Greyhound Association filed a $1-million lawsuit against Magna Entertainment Corp. Jan. 20, alleging breach of contract for the company's failure to renew its operating lease for Multnomah Greyhound Park and for canceling the 2005 dog racing season.
Magna Entertainment Corp. has threatened to discontinue operations at Portland Meadows in Oregon unless it receives concessions from the state legislature.
Art McFadden, President of MEC Oregon Racing will resign his post on Friday, it was announced Dec. 30.
Magna Entertainment Corp. won't renew its lease of Multnomah Greyhound Park in Oregon when it expires Dec. 31, the company said in a Dec. 23 press release.
Magna Entertainment has agreed to purchase the long-term operating rights of Portland Meadows, as well an interest in the real estate on which the racetrack sits, from developer Thomas Moyer.
Magna Entertainment has completed its acquisition of Multnomah Greyhound Park in Portland, Ore. The racing conglomerate controlled by Frank Stronach has acquired the operations of Multnomah Greyhound Park for $5.97 million.
Magna Entertainment has signed agreements to take over the operation of Portland Meadows and acquire Multnomah Greyhound Park near Portland, Ore.
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