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| | Magna Entertainment Corp. announces that it has finalized a definitive slot revenue... |
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date: Aug 11th 2006 15:02
sharing agreement with the Florida Horsemen and intends to proceed with slot development at Gulfstream Park
Magna Entertainment Corp. ( MEC ) (NASDAQ: MECA TSX: MEC.A)., owner of Gulfstream Park, announced today that it has reached a definitive agreement with the Florida Horsemen Benevolent and Protective Association ( FHBPA ) on the purse contributions from slot machine revenues at Gulfstream Park.
Under the terms of the agreement, the FHBPA will receive 7.5% of slot machine revenues at Gulfstream Park once the first 500 slot machines are installed and operational. MEC s initial plans are to have 500 slot machines installed and operational at Gulfstream Park before the end of October 2006. In the event MEC installs and operates 1,500 slot machines, which is the maximum permitted under law, the agreement calls for the FHBPA to receive 6.75% of the first $200 million in annual slot machine revenues and 12.6% of annual slot machine revenues in excess of $200 million.
MEC also announced that it intends to proceed with the development of its slot facility at Gulfstream Park despite the decision rendered yesterday by the Florida District Court of Appeal First District ( FDCAFD ).
The FDCAFD reversed a lower court decision granting summary judgment in favor of Floridians for a Level Playing Field ( FLPF ), of which Gulfstream Park is a member. The FDCAFD ruled that a trial is necessary to determine whether FLPF obtained the required number of signatures to place the constitutional amendment on the ballot in November 2004.
MEC believes that yesterday s decision is incorrect and if a trial were to be held, that FLPF would prevail on the merits. If FLPF is ultimately unsuccessful in the litigation, then the statewide vote amending the Florida constitution to permit slot machines at pari-mutuels could be invalidated.
MEC expects that FLPF will explore all available options, including a petition for rehearing, a rehearing en banc and filing a motion for certification to the Florida Supreme Court.
article 'Magna Entertainment Corp. announces that it has finalized a definitive slot revenue...' source is MEC Magna Entertainment Corp., visit source site:
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