SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) May 17, 2000
MAGNA ENTERTAINMENT CORP.
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(Exact Name of Registrant as Specified in its Charter)
Delaware, United States of America
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(State or Other Jurisdiction of Incorporation)
0-28003 98-0208374
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(Commission File Number (I.R.S. Employer Identification No.)
285 West Huntington Drive, Arcadia, California 91007
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(Address of Principal Executive Offices) (Zip Code)
(626) 574-7223
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if changed Since Last Report)
ITEM 5. OTHER EVENTS
On May 17, 2000, the Registrant issued a press release in which the Registrant
announced that it had entered into a letter of intent, subject to the
satisfaction of various conditions and regulatory approvals, to purchase Bay
Meadows Operating Company in San Mateo, California.
The full text of the press release issued by the Registrant is filed as Exhibit
1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 1 Copy of Registrant's press release dated May 17, 2000 is attached as
Exhibit 1.
SIGNATURES
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 hereunto duly authorized
MAGNA ENTERTAINMENT CORP.
(Registrant)
Date: May 17, 2000 by: /s/ J. Brian Colburn
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J. Brian Colburn, Secretary
INDEX TO EXHIBITS
EXHIBIT DESCRIPTION OF EXHIBIT
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1 Registrant's press release dated May 17, 2000
EXHIBIT 1
MAGNA ENTERTAINMENT CORP. 285 West Huntington Drive
Arcadia, CA 91007
Tel: (626) 574-7223
Fax: (626) 446-9565
PRESS RELEASE
MAGNA ENTERTAINMENT ANNOUNCES PLANS
TO OPERATE BAY MEADOWS RACECOURSE
May 17, 2000, Arcadia, California.....Magna Entertainment Corp. (NASDAQ: MIEC;
TSE: MIE.A, MEH) today announced that it signed a letter of intent to purchase
Bay Meadows Operating Company (BMOC), which presently operates Bay Meadows
Racecourse in San Mateo, California.
The letter of intent is subject to the execution of a definitive agreement,
completion of due diligence and regulatory approval by the California Horse
Racing Board and other agencies. Terms of the transaction were not disclosed.
Under the proposed agreement, MEC will continue live racing at the Bay Meadows
Racecourse through the end of 2002, after which MEC intends to consolidate
BMOC's racing schedule at Golden Gate Fields in Albany, CA.
"I am very pleased to have reached an agreement concerning Bay Meadows because
it complements our other activities," said Frank Stronach, Chairman of the Board
of MEC.
"We are confident that the Bay Meadows horse racing tradition will be in good
hands under MEC's stewardship," said John Tashjian, spokesman for the Bay
Meadows Operating Company.
For more information contact:
David Mitchell, EVP & CFO John Tashjian, Management Committee
Magna Entertainment Corp. Bay Meadows Operating Company
285 W. Huntington Drive 2600 South Delaware Street
Arcadia, CA 91007 San Mateo, CA 94003
(626) 574-7223 (650) 524-9847