Magna Seeks Long-Term Rights to Portland Meadows

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.

Portland Meadows, currently operated by the company, would be owned MEC Oregon Racing. If the deal closes, Magna would own the two top tracks in Oregon: Portland Meadows and Multnomah Greyhound Park.

Said Jim McAlpine, president and chief executive officer of MEC: "Oregon racing industry offers tremendous potential for growth. Oregon's favorable regulatory environment and established system of off-track wagering fit well with our ongoing initiatives in the account wagering and electronic media fields."

The closing of the transaction remains contingent upon the satisfactory completion by MEC of its due diligence investigations and the approval of the MEC board of directors. Financial terms weren't disclosed.