Money-losing Magna Entertainment Corp. has sold a track in Michigan to the Little River Band of Ottawa Indians for $5-million (U.S.) in cash.
The Great Lakes Downs track in the Muskegon area has been closed since November, 2007, after the state government refused to permit slot machines and other forms of gambling at the track. The initial asking price was $9-million.
Although Magna hoped that the track would be sold to a racetrack operator, the Little River Band plans to open a casino on the 85-acre property.
Magna bought the facility, formerly a harness track, in early 2000 and operated it as a thoroughbred facility after Detroit Race Course closed its doors in 1998.
Magna Entertainment
The area sports about 20 casinos.
The proceeds will be used to partly pay off part of the racetrack and gambling company's bridge loan to its parent MI Developments Inc.
