- Maryland Jockey Club Hails Court Decision Which Enables
Democratic Process to Move Forward -
WYOMISSING, PA, AURORA, ON and BALTIMORE and LAUREL, MD, July
20 /PRNewswire-FirstCall/ - Penn National Gaming, Inc.
(PENN: Nasdaq) and MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B;
NYSE: MIM), joint venture partners in the ownership and operation
of the Maryland Jockey Club whose assets include the Laurel Park
and Pimlico race courses, were advised today that Maryland's highest court ruled that a
referendum on whether to allow slots at Arundel Mills mall can
proceed in November, 2010. A coalition of local community groups
and the Maryland Jockey Club were parties in this latest court
proceeding.
Peter M. Carlino, Chief Executive
Officer of Penn National commented on the court decision, "The
Maryland Jockey Club believes the potential to bring a VLT
operation to a racing facility, rather than a retail mall location,
will be instrumental in preserving Maryland's rich racing heritage and the
existing jobs and other economic benefits associated with the
operation of the tracks. If Anne
Arundel voters strike down County approved plans for a VLT
facility at Arundel Mills mall in November, we are prepared to
deploy our Company's extensive racing and gaming industry knowledge
and excellent financial resources to work with the local horsemen
and community members and leaders in Laurel to advocate for a license to operate
VLTs at Laurel Park."
"We compliment the people of Anne
Arundel County for persevering to ensure that the voice of
the people will be heard at the ballot box in November," stated
Dennis Mills, Vice-Chairman and
Chief Executive Officer of MID. "This decision will improve
profitability and benefit the Maryland Jockey Club, as well as all
of the constituents of the Maryland racing community."
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities with a focus on slot machine
entertainment. The Company presently operates twenty-two facilities
in sixteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, New
Jersey, New Mexico,
Ohio, Pennsylvania, West
Virginia, and Ontario. In
aggregate, Penn National's operated facilities feature over 26,300
gaming machines, over 500 table games, over 2,000 hotel rooms and
over 959,000 square feet of gaming floor space.
Penn National Gaming recently added table games to its
facilities in West Virginia and
Pennsylvania and expects to open
the first video lottery terminal facility in the state of
Maryland in Cecil County late in the third quarter.
Through a joint venture, Penn National is developing a full casino
at Kansas Speedway in Kansas City,
which is anticipated to open in the first half of 2012, and is also
developing casinos in Toledo and
Columbus, Ohio, with openings
targeted for 2012.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Actual results may vary materially from expectations.
Although Penn National Gaming, Inc. and its subsidiaries
(collectively "Penn National") believe that our expectations are
based on reasonable assumptions within the bounds of our knowledge
of our business and operations, there can be no assurance that
actual results will not differ materially from our expectations.
Meaningful factors that could cause Penn National's actual results
to differ from expectations include, but are not limited to risks
related to the following: our ability to maintain regulatory
approvals for our existing businesses and to receive regulatory
approvals for our new businesses; the passage of state, federal or
local legislation that would expand, restrict, further tax, prevent
or negatively impact operations (such as a smoking ban at any of
our facilities) in the jurisdictions in which we do business or
seek to do business; the activities of our competitors and the
emergence of new competitors; construction factors, including
delays, unexpected remediation costs, local opposition and typical
referendum risks; increased cost of labor and materials; the costs
and risks involved in the pursuit of those development
opportunities; the availability and cost of financing; the effects
of local and national economic, credit, capital market, housing,
energy conditions on the economy in general and on the gaming and
lodging industries in particular; and other factors as discussed in
Penn National's Annual Report on Form 10-K for the year ended
December 31, 2009, subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as
filed with the SEC. Penn National does not intend to update
publicly any forward-looking statements except as required by
law.
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.
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.