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Magna Entertainment Corporation Announces $192 Million Project

Magna Entertainment Corp. today announced that its parent company MI Developments Inc. has agreed to provide project financing for the reconstruction of the $115 million Florida Gulfstream Park racetrack and the $77 million Meadows racetrack in Pennsylvania.

Project Financing will be available through two separate loans provided by MID's wholly owned subsidiaries to MEC's wholly owned subsidiaries, which own and/or operate Gulfstream Park and The Meadows. The progress under the loan will be available through advances that drive progress toward the reconstruction of Clubhouse/Grandstand facilities, backstretch of Gulfstream Park and related site construction, Clubhouse/Grandstand facilities, slot machine facilities, and related site construction.

The Gulfstream Undersecretary will provide $115 million of the $145 million budget for the Gulfstream Park reconstruction project. The $77 million Undersecretary Meadows is expected to fully fund the cost of the Meadows redevelopment.

The loan has a period of 10 years from the corresponding completion date of the reconstruction projects of Gulfstream Park and The Meadows. The estimated completion dates for the reconstruction projects of Gulfstream Park and The Meadows are the first and second quarters of 2006, respectively. Prior to the corresponding completion date, the outstanding amount of each loan will incur a variable interest rate of 2.55% per annum that exceeds the official borrowing cost of MID under the compound interest rate credit facility each month. After that completion date, the outstanding amount of each loan will be subject to a fixed interest rate of 10.5% compound interest every half year. Interest payments will be deferred before January 1, 2008. From January 1, 2008, MEC will make monthly payments of a mix of principal and interest based on a 25-year installment repayment period beginning on the corresponding completion date.

The loan contains cross-guarantee, cross-default, and cross-secured provisions. Each loan is secured primarily by priority security on land that forms part of Gulfstream Park and Meadows' related raceway operations, as well as certain land adjacent to Gulfstream Park's raceway operations, and all other assets of that borrower except licenses and permits. In addition, each borrower vows not to pledge their own licenses or permits, and the MEC agrees not to pledge the borrower's shares. The Meadows redevelopment requires additional funds to finance other slot-related expenditures (slot licenses and machinery, furniture and equipment) that the MEC is expected to seek from third-party borrowers or investors.
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