Magna International (MG)

[Copperfield]

Magna Entertainment Corp. announces closing of purchase of Portland Meadows operating rights

AURORA, ON, June 27 - Magna Entertainment Corp. announced today that two of its wholly-owned subsidiaries
have completed the previously announced purchase of the long-term operating
rights for the Portland Meadows racetrack, together with an interest in the
Portland Meadows real estate, from Portland-based developer Thomas P. Moyer.
This transaction gives MEC the right to operate horse racing at Portland
Meadows on a long-term basis. The financial terms of the transaction were not
disclosed.
MEC, North America's number one owner and operator of horse racetracks,
acquires, develops and operates horse racetracks and related pari-mutuel
wagering operations, including off-track betting facilities. Additionally, MEC
owns and operates XpressBet(TM), a national Internet and telephone account
wagering system, and HorseRacing TV(TM), a 24-hour horse racing television
network.