Magna Entertainment Corp. (MECA, MEC-A.TO), an operator of horse racetracks, on Wednesday, said that it has completed the sale of 85-acre Great Lakes Downs racetrack to The Little River Band of Ottawa Indians for $5.0 million in cash, excluding customary closing adjustments.
The company said the net sale proceeds of about $4.5 million have been used to partially repay the company's bridge loan with a subsidiary of MI Developments Inc., Magna's controlling shareholder.
Magna Entertainment's stock is currently trading at $0.41, up a penny or 2.55%. MEC-A.TO is currently trading at $0.455, up 7 cents or 19.74%.
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