The Real Deal Miami

Gulfstream Park operator files for bankruptcy

March 06, 2009 12:22PM

Magna Entertainment, which operates the Gulfstream Park Casino & Racing in Hallandale Beach, filed for bankruptcy protection Thursday. Developer Forest City Commercial Development, which is building the $245 million Village at Gulfstream complex of 32 shops, restaurants and nightclubs, said the project will move forward. Magna has defaulted on a $40 million loan payment and has put its racetracks up for sale. Brian Ratner, of Forest City, said the lease will be valid with any new owner.