Magna Entertainment Corp. has announced the sale of Great Lakes Downs to The Little River Band of Ottawa Indians for $5 million cash, less customary closing adjustments.
Magna Entertainment's debt-reduction sale of what it deems excess assets is under way with at least four properties already listed with real estate agents.
Citing estimated financial losses of $1.8 million at Great Lakes Downs in 2006, Magna Entertainment announced Jan. 18 that it would not operate a meet at the Michigan racetrack beyond this year.
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