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Magna May Sell Michigan & California Tracks
Officials from Magna Entertainment (North America's largest owner & operator of thoroughbred tracks) "plan to soon post 'For Sale' signs on some holdings, in an effort to reduce a heavy debt load," reported thoroughbredtimes.com. In a special teleconference presentation for stockholders & analysts, Magna chief executive Michael Neuman confirmed the compnay "will evaluate its assets & consider sales of several properties". Neuman specifically listed Great Lakes Downs in Michigan & San Luis Rey Downs in California as "off-strategy" assets that could be sold. Magna chairman Frank Stronach started the teleconference by saying Magna (which owns Gulfstream Park & Santa Anita Park) " is committed to cutting debt in 2007"; Magna incurred a net loss of US$87.4 million in 2006 & its accumulated deficit is US$393.3 million.