AURORA, Ontario -- (PRESS RELEASE) -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA) announced today that its wholly-owned subsidiary AmTote Canada, Inc. ("AmTote Canada") has entered into a Totalisator Service Agreement with Woodbine Entertainment Group ("WEG"), which is the largest horse racing operation in Canada and, based on live racing programs conducted, one of the largest in the world. AmTote Canada will be the tote services provider to WEG for a 10-year term commencing January 2008. Financial terms were not disclosed.
"We are thrilled to enter into a new business relationship with Woodbine Entertainment Group, one of the most prominent players in the horse racing industry" says Steve Keech, President of AmTote International, Inc. ("AmTote"). "We look forward to providing patrons of WEG with an unsurpassed pari-mutuel wagering experience, as we continue to expand our portfolio of customers worldwide. This transaction represents an exciting growth opportunity for AmTote."
"AmTote's new leadership and focus on innovation is well aligned with our vision and we look forward to our long-term technology partnership", says Sean Pinsonneault, Vice President of Wagering Services for WEG.
AmTote, headquartered in Hunt Valley, Maryland, is a global provider of totalisator and wagering technology. AmTote currently has service contracts with over 70 customers worldwide, including North American and international racetracks, sports books, and online wagering entities.
MEC, North America's largest owner and operator of horse racetracks, based on revenue, acquires, develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet®, a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a fifty percent interest in HorseRacing TV(TM), a 24-hour horse racing television network, and TrackNet Media Group LLC, a content management company formed for distribution of the full breadth of MEC's horse racing content.