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) January 10, 2001
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)
000-30578 98-0208374
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(Commission File Number) (I.R.S. Employer Identification No.)
337 Magna Drive, Aurora, Ontario, Canada L4G 7K1
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(Address of Principal Executive Offices) (Zip Code)
(905) 726-2462
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(Registrant's Telephone Number, Including Area Code)
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(Former Address, if changed Since Last Report)
ITEM 5. OTHER EVENTS
On January 10, 2001, the Registrant issued a press release in which the
Registrant announced that it had appointed Jim McAlpine as its new President and
Chief Executive Officer.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 1 Copy of Registrant's press release dated January 10, 2001 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: January 10, 2001 by: /s/ Gary M. Cohn
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Gary M. Cohn, Secretary
EXHIBIT 1
MAGNA ENTERTAINMENT CORP.
337 Magna Drive
Aurora, Ontario L4G 7K1
Tel: (905) 726-2462
Fax: (905) 726-7173
PRESS RELEASE
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MAGNA ENTERTAINMENT CORP. ANNOUNCES
APPOINTMENT OF PRESIDENT AND CEO
January 10, 2001, Aurora, Ontario, Canada......Magna Entertainment Corp. ("MEC")
(NASDAQ: MIEC; TSE: MIE.A, MEH) announced today the appointment by its Board of
Directors of Jim McAlpine as its new President and Chief Executive Officer,
effective immediately. He assumes those positions from the Chairman of the
Company, Frank Stronach, who had held them on an interim basis.
"We are delighted to be able to confirm the appointment of Jim McAlpine as
President and Chief Executive Officer of MEC," said Chairman Frank Stronach.
"Having worked with Jim for many years while he was a senior executive officer
of Magna International Inc., I have complete confidence in his talents and
abilities. I believe that this appointment provides MEC with strong, experienced
leadership for its new management team."
Mr. McAlpine will be based in MEC's executive office in Aurora, Ontario.
Magna Entertainment Corp., one of the largest operators of premier horse
racetracks in the United States, acquires, develops and operates horse
racetracks and related pari-mutuel wagering operations. These racetracks, which
include Santa Anita Park, Golden Gate Fields and Bay Meadows Racecourse in
California, Gulfstream Park in Florida, Remington Park in Oklahoma, Thistledown
in Ohio and Great Lakes Downs in Michigan, accounted for approximately 24% of
the amounts wagered on pari-mutuel racing in the United States in 1999. Magna
Entertainment Corp. is also developing horse racing and sports products for
multi-media distribution via interactive cable, satellite, broadcast television,
and the Internet, as well as certain leisure and retail-based real estate
projects. (www.magnaentertainment.com)
For more information contact:
Graham Orr
Executive Vice President & Chief Financial Officer
Magna Entertainment Corp.
337 Magna Drive
Aurora, Ontario L4G 7K1
Tel: (905) 726-7099