The Stronach Group acquires MI Developments' Racing and Gaming Assets
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.