THE STRONACH GROUP ACQUIRES MI DEVELOPMENTS’ RACING AND GAMING ASSETS
AURORA, ON, June 30, 2011 /PRNewswire/ – The Stronach Group today announced
that it has acquired the racing and gaming assets formerly held by MI
Developments Inc. (MID) (NYSE: MIM) as part of a previously announced
reorganization proposal approved by MID shareholders on March 29, 2011.
The racing and gaming assets acquired by The Stronach Group include:
Santa Anita Park; Golden Gate Fields; Portland Meadows; MID’s joint
venture interests in Maryland Jockey Club’s real estate and racing
assets (Pimlico Race Course, Laurel Park and the Bowie Training
Center); Gulfstream Park and MID’s joint venture interest in an
associated retail development; horseracing technology assets, including
Xpressbet®, AmTote and MID’s joint venture interest in HRTV, a cable
and satellite television network dedicated to the sport of horse
racing; as well as various development properties previously owned by
MID.
Belinda Stronach, President and Chief Executive Officer of The Stronach
Group, said: “The acquisition of MID’s racing and gaming assets
positions The Stronach Group at the forefront of the Thoroughbred
horseracing industry. We are fully committed to ensuring the success
and profitability of our strong portfolio of racing and gaming
operations. We also look forward to working with the horseracing
industry and all of its stakeholders to ensure the long-term success
and viability of the industry.”
About The Stronach Group
The Stronach Group is a privately-held consortium that owns, operates
and manages a number of leading businesses in a wide range of
industries, including: Thoroughbred racing and gaming; Thoroughbred
horse breeding; agriculture; electric vehicle technologies; and medical
technologies. The Stronach Group also owns a number of premier
development properties and real estate assets in North America and
Europe.
The Stronach Group is a joint venture partner with Magna International
Inc. in Magna E-Car Systems, which designs, develops and manufactures
hybrid and electric vehicle systems, modules and components, as well as
complete hybrid and electric vehicles.
SOURCE The Stronach Group
