Legal Decision by Maryland's Highest Court Allows November Referendum on Location of VLT Facility to Proceed
July 20 2010 - 10:10PM
PR Newswire (Canada)
WYOMISSING, PA, AURORA, ON and BALTIMORE and LAUREL, MD, July 20
/CNW/ -- - Maryland Jockey Club Hails Court Decision Which Enables
Democratic Process to Move Forward - WYOMISSING, PA, AURORA, ON and
BALTIMORE and LAUREL, MD, July 20 /CNW/ - 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. William J. Clifford, Chief Financial
Officer, Penn National Gaming, 610/373-2400; Dennis Mills,
Vice-Chairman and Chief Executive Officer, MI Developments,
905/726-7614; Joseph N. Jaffoni, Richard Land, Jaffoni &
Collins Incorporated, 212/835-8500 or penn@jcir.com
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