Magna Entertainment (MECA) Says Pennsylvania Gaming Control Board Grants Approval for Category 1 Gaming License
More News related to MECA
- Magna Entertainment (MECA) Filing for Chapter 11 Bankruptcy
- Magna Entertainment (MEC) Comments on Recent Stock Price
- Magna Entertainment (MECA) Reports Q4 Loss of $0.38
- Magna Entertainment (MECA) Announces Agreements to Sell Excess Real Estate
- StreetInsider.com Unusual 11 Mid-Day Movers 09/13/2007
More News related to Corporate News
- S&P Announces Change to US Index: TSRA for FIF
- RealNetworks (RNWK) and MTV Networks (VIA-B) to Split Off Joint Venture Rhapsody
- Watts Water (WTS) Board Approves Restructuring Program; Shutting Down 3 Plants, Cutting 95 Jobs
- Transcept Pharmaceuticals (TSPT) Granted U.S. Patent Covering Intermezzo Formulation
- AAR (AIR) Predicts Impact of Mesa's Bankruptcy on Q3 Results
Magna Entertainment Corp. (NASDAQ: MECA) announced that the Pennsylvania Gaming Control Board has granted approval to Washington Trotting Association, Inc. of a Conditional Category 1 gaming license.
On July 26, 2006, MEC sold all of the outstanding shares of WTA and certain other entities to PA Meadows, LLC, a company owned by William Paulos and William Wortman, controlling shareholders of Millennium Gaming, Inc. and entities related to Oaktree Capital Management, LLC in exchange for two notes representing the purchase price in the amounts of $175 million and $25 million, respectively.
MEC expects the First Note to be repaid on or about November 3, 2006, provided that Millennium-Oaktree's lenders are reasonably satisfied with the conditions attached to the Gaming License. Due to regulatory issues relating to the approval of the Gaming License, the parties have agreed to modify the terms of the Second Note.
Related Categories
Corporate NewsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
