The Real Deal Miami

Gulfstream Park owner seeks reorganization

February 19, 2010 10:25AM

Racetrack operator Magna Entertainment, the owner of financially
strapped Gulfstream Park, has filed for Chapter 11 bankruptcy protection
and will abide by the terms of a January settlement with the official
unsecured creditors’ committee. The creditors will get a payout of at
least $96.5 million, and Magna can keep the Santa Anita and Golden Gate
Fields tracks in California and Gulfstream Park in Hollywood, Fla.
Magna will sell Pimlico and Laurel Park in Maryland at a Feb. 23 auctionto finance the payout. [Miami Herald]