Slot Machine Casino Selling Land

Magna Entertainment Corp is selling off land as they seem to be struggling financially. The slot machine casino company is selling off golf courses in an attempt to help out their debt. The slot machine casino sold the land to auto parts maker Magna International, Inc. The slot machine company also reported that they have lost $50.7 million in the summer quarter alone.

Magna International, the company who is just now getting into purchasing items that are not automotive assets, purchased the golf courses from the slot machine casino giant in an attempt to diversify their assets. The deal will have International taking over much of the slot machine company’s debt with the sale of the golf courses. It might not be slot machines themselves, but the company had it approved by their board, and they liked the deal.

Magna Entertainment is a big name in slot machines and horse racing. They recently lost some of their upper level executives and are looking to replace them with ones that have experience in both the horse racing and the slot machine aspects of the company. They are eagerly awaiting the opening of the Gulfstream Park slot machine casino later this month, as it will have 516 slot machines, which will help out the company’s bottom line tremendously.

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