04/07/2004 11:00PM

Sale of track finalized for $20 million


VANCOUVER, British Columbia - The sale of Hastings Entertainment, owner of Hastings racetrack, from Woodbine Entertainment Group to Great Canadian Gaming Corporation was finalized Wednesday. The purchase price of $20.1 million includes $8.9 million for the outstanding shares of Hastings Entertainment, $4 million as working capital to reduce existing debt, and the other assumption of existing liabilities. Woodbine took control of Hastings in May 2002 and paid approximately $6.2 million, which was the amount the previous operators, The Pacific Racing Association, owed the Provincial Government.