Portland Meadows, Multnomah Greyhound Park sold to L.A. company - Portland Business Journal:

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(Nasdaq:MIEC) announced July 5 that it has signed agreementxs to operate both tracksin Ore. Magna Entertainment ("MEC") is a racetrack-operatingh subsidiary of the automotive parts manufacturerMagnaz International. In November of last year, the Business Journalk reported thatSanta Monica, Calif. -basedd MEC was interested in acquiringthe tracks, making it the sixtgh track owned by the company. MEC's flagship racetrack, Sant a Anita Park, leads the list of five tracksx in four states owned by billionairdeFrank Stronach's company priore to this purchase.
The agreemenr signed yesterday allows MEC to operate the Portlan d Meadows racetrack subject tocertain conditions, includingt the receipt of various regulatory approvals. In MEC has agreed to acquire the operationa of Multnomah Greyhound Park fromArthur McFadden, also subjecyt to regulatory approvals. Upon acquisition of the operations of thegreyhounrd park, MEC will lease the underlying land from MEC, one of the largesg operators of horse racetracks in the Unitedd States, acquires, develops and operates tracks and related pari-mutuelp wagering operations, including OTB's and owns and operatess a national account wagering system called Go to for more Portland Meadowes news.