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.
Great Lakes Downs, which was closed by MEC last November, was offered for sale along with other tracks as part of a debt-reduction plan announced last year by the company. A one-paragraph MEC press release announcing the transaction said the $4.5 million net proceeds of the sale would be used to partially pay down the company’s bridge loan held by a subsidiary of parent company MI Developments.
The Little River Band of Ottawa Indians, which is based in Manistee, Mich., operates the Little River Casino Resort in that city, according to the Native American tribe's Web-site. A news release on the tribe's Web-site said it is "pursuing the establishment of a tribal casino in Muskegon and other economic development opportunities in the region."
Great Lakes Downs is located in Muskegon, Mich., about 80 miles south of Manistee. Both cities are located on the far western side of the state near Lake Michigan.
The track was listed in November for an asking price of $9 million. The property also includes 85 acres, according to the MEC release.
