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Pa. track gears up for slots

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December 09, 2004 Send To A Friend  | Print View

Magna Entertainment Corp. has announced reconstruction projects at two of its racetracks, including a $77 million face-lifting of The Meadows. The project will include reconstruction of the clubhouse and grandstand, slot machine facility and related site works.



The funding for the construction costs of The Meadows redevelopment comes via a loan from Magna's parent company, MI Developments Inc. The anticipated completion dates for the reconstruction is in the first and second quarters of 2006.



In a press release issued by Magna, it was stated the The Meadows redevelopment will require additional financing to fund the cost of other slot-related expenditures (slot license and machines, furnishings and equipment) which it expects to seek from third-party lenders or investors.

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