AURORA, ON, July 1 /PRNewswire-FirstCall/ - MI Developments
Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) today closed the
previously announced joint venture with Penn National Gaming, Inc.
to own and operate the Maryland Jockey Club, including its racing
operations at Laurel Park and Pimlico, and extensive real estate
assets. For Penn National to secure its interest in the Maryland
Jockey Club, MID will receive approximately $26 million.
"This transaction brings together two of the major racetrack
owners in North America and we
look forward to working with Penn National to maximize the use and
value of the Maryland Jockey Club," stated Dennis Mills, MID's Vice-Chairman and Chief
Executive Officer. "This transaction is consistent with our plan to
enhance the returns of our racing and real estate assets."
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.