Colonial Downs has reached a deal to purchase a company owned by Magna Entertainment Corp. that had managed live meets at the Virginia racetrack, Colonial and Magna announced Thursday.
Colonial Downs, owned by Jacobs Entertainment Inc., will pay $7 million in cash and issue a $3 million one-year note to Magna for the company, Maryland-Virginia Racing Circuit Inc., which had operated Colonial's race meets since the track opened in 1996.