AURORA, ON, May 27 /PRNewswire-FirstCall/ - MI Developments
Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that
effective May 28, 2010, Kenneth Dunn will step down from his current
role as Interim General Manager of Gulfstream Park ("GSP")
(www.gulfstreampark.com) and has accepted an appointment as advisor
to MID's Vice-Chairman and Chief Executive Officer, Dennis Mills. Mr. Dunn will assist with GSP
matters and other MID race track business units.
Also effective May 28, 2010,
Steve Calabro will be appointed the
new Interim General Manager of GSP. Mr. Calabro brings considerable
experience to this appointment having been awarded progressively
increasing responsibilities in the gaming industry at Trump
Entertainment Resorts and Harrah's Entertainment prior to joining
GSP.
"I would like to thank Ken for his commitment and
professionalism while at Gulfstream Park," stated Dennis Mills, MID's Vice-Chairman and Chief
Executive Officer. "I am delighted Steve has accepted the challenge
to lead Gulfstream Park, and am confident that he will complement
our advisory team by building on Ken's good work at Gulfstream
Park."
About MID: MID is a real estate operating company engaged
primarily in the acquisition, development, construction, leasing,
management and ownership of a predominantly industrial rental
portfolio leased primarily to Magna International Inc. and its
automotive operating units in North
America and Europe. MID
also acquires land that it intends to develop for mixed-use and
residential projects. Additionally, MID owns Santa Anita Park,
Golden Gate Fields, Gulfstream Park (including an interest in The
Village at Gulfstream Park, a joint venture with Forest City
Enterprises, Inc.), The Maryland Jockey Club, Portland Meadows,
AmTote and XpressBet, and through some of these assets, is a
supplier, via simulcasting, of live horseracing content to the
inter-track, off-track and account wagering markets. For further
information about MID, please visit www.midevelopments.com or call
905-713-6322. At www.sedar.com and www.sec.gov you can also find
MID's filings.
Forward-Looking Statements: This press release may contain
statements that, to the extent they are not recitations of
historical fact, constitute "forward-looking statements" within the
meaning of applicable securities legislation. Forward-looking
statements may include statements regarding MID's future plans,
goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance or expectations, or the
assumptions underlying any of the foregoing. Words such as "may",
"would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future events, performance or results and will not
necessarily be accurate indications of whether or the times at or
by which such future performance will be achieved. Undue reliance
should not be placed on such statements. Forward-looking statements
are based on information available at the time and/or management's
good faith assumptions and analyses made in light of our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances, and are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond MID's control, that could cause actual events or results to
differ materially from such forward-looking statements. Important
factors that could cause such differences include, but are not
limited to, the risks set forth in the "Risk Factors" section in
MID's Annual Information Form for 2009, filed on SEDAR at
www.sedar.com and attached as Exhibit 1 to MID's Annual Report on
Form 40-F for the year ended December 31,
2009, which investors are strongly advised to review. The
"Risk Factors" section also contains information about the material
factors or assumptions underlying such forward-looking statements.
Forward-looking statements speak only as of the date the statements
were made and unless otherwise required by applicable securities
laws, MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events or circumstances or otherwise.
SOURCE MI Developments Inc.