- Current report filing (8-K)
February 05 2009 - 1:52PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act
of 1934
Date of Report (Date of
Earliest Event Reported):
February 2, 2009
MAGNA ENTERTAINMENT CORP.
(Exact Name of Registrant as
Specified in its Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
000-30578
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98-0208374
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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337 Magna Drive, Aurora,
Ontario, Canada
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L4G 7K1
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(Address of Principal
Executive Offices)
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(Zip Code)
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(905) 726-2462
(Registrants Telephone
Number, Including Area Code)
Not Applicable
(Former Name or Former
Address, if changed since Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2.
below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item
7.01
Regulation FD Disclosure
The
full text of the press releases referenced under Item 8.01 are attached as Exhibit 99.1
and 99.2 to this Current Report on Form 8-K and are incorporated by
reference herein.
The
information contained under this Item 7.01 shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange
Act) or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933
or the Exchange Act, except as expressly set forth by specific reference in
such filing.
Item 8.01
Other
On
February 2, 2009, the Registrant issued a press release announcing that it
has applied, through Laurel Racing Assoc., Inc. (Laurel Racing), one of
its wholly-owned subsidiaries, to the Maryland VLT Facility Location Commission
(the Commission) for a Video Lottery Operation License (the VLT License) to
operate 4,750 VLTs at Laurel Park in Anne Arundel County, Maryland (the Laurel
VLT Facility). While the Registrant has submitted an application, Laurel
Racing did not pay the specified license fee of $
28.5
million
at the time the application was submitted. The
Registrant hopes to be able to work with its partners, the Commission and Anne
Arundel County in the very near future to achieve a successful licensing of
Laurel Racing and the construction of the Laurel VLT Facility.
On
February 4, 2009, the Registrant issued a press release announcing that it
has arranged for the funding of the specified license fee of $28.5 million (the
Initial License Fee) to the account of the Registrants subsidiary, Laurel
Racing, in connection with the February 2, 2009 application by Laurel
Racing for a VLT License in Anne Arundel County. The Initial License Fee
will be placed in an escrow account held at a Maryland bank. Laurel Racing has
asked the Commission to undertake that it will utilize its discretionary
authority to refund the Initial License Fee in the event Laurel Racing is
granted a VLT License but is unable to obtain all proper zoning and permits
necessary for the operation of a VLT Facility at Laurel Racings Anne Arundel
location. Provided the Commission agrees to refund the Initial License
Fee, such fee (and all interest earned) will be paid to the Commission. The
Initial License Fee funds were advanced pursuant to the previously-announced December 1,
2008 loan agreement among the Registrant, certain of the Registrants
subsidiaries as guarantors, and a subsidiary of the Registrants controlling
shareholder, MI Developments Inc., as lender.
Item 9.01 Financial Statements
and Exhibits
(c)
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Exhibits
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Exhibit 99.1
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Press Release dated February 2, 2009.
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Exhibit 99.2
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Press Release dated February 4, 2009.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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MAGNA ENTERTAINMENT CORP.
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(Registrant)
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February 5, 2009
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by:
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/S/ WILLIAM G. FORD
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William G. Ford,
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Secretary
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2
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