Magna Parent to Loan Money for Construction Projects

Magna Entertainment Corp. will receive funding for the reconstruction of Gulfstream Park and The Meadows from its parent company, MI Developments.

According to a release, $115 million will be provided for the project in Florida at Gulfstream and $77 million for the project in Pennsylvania at The Meadows.

The financing will be made available through two separate loans
provided by wholly-owned subsidiaries of MID to wholly-owned subsidiaries of MEC that own and/or operate Gulfstream Park and The Meadows.

The release said the Gulfstream loan will provide funding for $115 million of the $145 million budgeted cost of the reconstruction project. The Meadows loan of $77 million is expected to provide sufficient funding for the construction costs of The Meadows redevelopment.