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Magna reports loan default

Updated: February 28, 2009, 7:43 PM ET
By Matt Hegarty | Daily Racing Form

Magna Entertainment Corp. said Friday it has defaulted on a loan that is secured by its Maryland racing properties, including Laurel Park and Pimlico Racecourse.

According to Magna, the bank that holds the loan, PNC Bank, has "chosen not to exercise its rights and remedies under such loan agreement at this time." According to Magna's most recent financial statements, the loan had net borrowings of $1.6 million as of Sept. 30, 2008.

Magna, the largest racetrack operator in the U.S., ...

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