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): July 4, 2004
MAGNA ENTERTAINMENT CORP.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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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)
Not Applicable
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(Former Name or Former Address, if changed since Last Report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
The Pennsylvania Senate and House of Representatives have passed the
Pennsylvania Gaming Act and Governor Edward Rendell signed the legislation on
July 5, 2004. The legislation authorizes the granting of slot machine licenses
to up to seven Category 1 licensed facilities (ie. racetracks) and up to five
Category 2 licensed facilities (ie. non-tracks), along with limited licenses to
up to two Category 3 licensed facilities (ie. resort hotels). The racetracks and
non-track facilities which successfully apply for slot machine licenses will be
permitted to operate between 1,500 and 3,000 slot machines each (subject to
future expansion of up to 2,000 machines per facility, with the approval of the
Pennsylvania Gaming Control Board). The licensed resort facilities will be
permitted to operate, on a limited basis, up to 500 machines each.
The legalization of alternative gaming at racetracks is anticipated to have a
significant positive impact on purses and on the Pennsylvania horse racing
industry in general. The Registrant wholly-owns and operates The Meadows, a
standardbred racetrack located in Washington County in southwestern
Pennsylvania. The Registrant intends to pursue The Meadows' application for a
slot machine license in accordance with the requirements of the legislation and
associated regulations without delay.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit 99 Copy of Registrant's press release dated July 4, 2004.
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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: July 6, 2004 by: /S/GARY M. COHN
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Gary M. Cohn, Secretary