AURORA, ON, Oct. 12 /PRNewswire-FirstCall/ - Magna Entertainment Corp. (NASDAQ: MECA - News; TSX: MEC.A - News) Magna Entertainment Corp. (MEC) today announced that, after extensive consultations with its California management team led by Ron Charles, MEC has chosen to install a new Tapeta(TM) Footings, Inc. ("Tapeta") synthetic racing surface at its Golden Gate Fields racetrack.
"I wanted to have the best racing surface available to ensure the health of both horse and rider" said Frank Stronach, Chairman and Interim Chief Executive Officer of MEC, "We looked at a number of different options available to us and are very pleased with our selection of Tapeta." The California Horse Racing Board has mandated that effective January 1, 2008 thoroughbred racing facilities in California must install a polymer synthetic type racing surface.
"This is another example of MEC's commitment to California Racing" stated Ron Charles, President of MEC California. In addition to Golden Gate Fields, in California MEC is the owner of historic Santa Anita Park in Arcadia and San Luis Rey Downs Training Center in Bonsall.
Tapeta offers a revolutionary surface designed for performance, safety and consistency in all weather conditions. Construction is scheduled to begin in May of 2007.
Golden Gate Fields is located on approximately 154 acres of land in the cities of Albany and Berkeley, California. Golden Gate Fields' facilities currently include a one-mile dirt track and a 7/8-mile turf course, stalls for over 1,350 horses, a main grandstand with seating for approximately 9,000 customers, a Clubhouse with seating for approximately 4,500 customers, a Turf Club with seating for approximately 1,200 customers and parking for over 8,500 cars.
MEC, North America's number one owner and operator of horse racetracks, based on revenues, acquires, develops and operates horse racetracks and related casino and pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet®, a national Internet and telephone account wagering systems, and Horse Racing TVTM, a 24-hour horse racing television network.
This news release contains "forward-looking statements" within the meaning of applicable securities legislation, including the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The forward looking statements that involve risks and uncertainties, include, without limitation, statements about the potential success of the installation of a new synthetic racing surface at Golden Gate Fields Racetrack.
Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/or management's good faith assumptions and analysis made in light of our perception of current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control, that could cause actual events or results to differ materially from such forward-looking statements. Other potential risks and uncertainties relating to MEC and its business are described in MEC's filings with the Securities and Exchange Commission, specifically the last reports on Forms 10-K and 10-Q.
Forward-looking statements speak only as of the date the statements were made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect thereto or with respect to other forward-looking statements.
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10-12-2006, 11:49 PM
MAGNA chooses Tapeta Footings for Golden Gate
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