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Magna Entertainment Corp. has received conditional approval from the Pennsylvania State Harness Racing Commission to sell The Meadows, a western Pennsylvania harness track, for $225 million.
Friday, May 19, 2006On the same day it reported a third-quarter loss of $34.5 million, Magna Entertainment Corp. announced it entered into a deal to sell its Pennsylvania operation--The Meadows harness track and a ring of off-track betting parlors in the western part of the state--to Millennium Gaming and Oaktree Capital Management for $225 million.
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