Magna to borrow $129M

Magna Entertainment will receive $192 million in loans from its parent company, MI Developments, in order to complete massive reconstruction projects at its Gulfstream Park in Florida and The Meadows in Pennsylvania, the two companies announced Thursday.

Gulfstream Park, torn down last year, is expected to have its grandstand rebuilt by early 2006, Magna said, at a budgeted cost of $145 million. The loan from MI Developments will provide $115 million of the construction cost.