AURORA, ON, March 4 /PRNewswire-FirstCall/ - MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) - - MID's Chairman and Chief Executive Officer, Frank Stronach announced today that the former Breeders' Cup Limited President and CEO Greg Avioli, who after a successful five-year stint as its head, has signed an employment agreement as President and CEO of the racing and gaming division of MID.
In announcing the appointment, Stronach called on the thoroughbred racing industry to work collaboratively, saying that, "One of our main goals is to collaborate with other racing industry stakeholders -- tracks, breeders, horsemen and regulators -- to create and grow new business opportunities and revenue streams."
Stronach further said that MID is committed to providing the best racing, gaming and entertainment experience to its customers while working with its partners to enhance thoroughbred racing and wagering. This commitment is reflected in the appointment of Avioli, a proven seasoned sports industry veteran with more than 10 years experience in the thoroughbred industry. Avioli said, "I look forward to implementing Frank Stronach's vision. I feel privileged to have the opportunity to work with one of the great leaders of our industry, Frank Stronach."
Prior to joining the Breeders' Cup, Avioli, an attorney, served as Deputy Commissioner of the National Thoroughbred Racing Association where he led horse racing's federal legislative and lobbying efforts, and was the primary architect of the federal gaming laws authorizing internet wagering on horse racing. Prior to his involvement in horse racing, he was the senior vice president of business affairs for Altanta-based International Sports and Entertainment Strategies, where he developed domestic and international properties with the PGA Tour, United States Tennis Association and the United States Olympic Committee.
MID is a real estate operating company engaged primarily in the acquisition, development, construction, leasing, management and ownership of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its automotive operating units in North America and Europe. MID also acquires land that it intends to develop for mixed-use and residential projects. Additionally, MID owns Santa Anita Park, Golden Gate Fields, Gulfstream Park (including an interest in The Village at Gulfstream Park, a joint venture with Forest City Enterprises, Inc.), an interest in joint ventures in The Maryland Jockey Club with Penn National Gaming, Inc., Portland Meadows, AmTote and XpressBet®, and through some of these assets, is a supplier, via simulcasting, of live horseracing content to the inter-track, off-track and account wagering markets. For further information about MID, please visit www.midevelopments.com or call 905-713-6322. MID's filings can be viewed at www.sedar.com and www.sec.com. Copies of financial data and other publicly filed documents are available through the internet on Canadian Securities Administrators' Systems for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov.
Forward Looking Statements
This press release contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include statements regarding MID's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions are used to identify forward looking statements. Forward-looking statements should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/or management's good faith assumptions and analyses made in light of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond MID's control, that could cause actual events or results to differ materially from such forward-looking statements. Important factors that could cause such differences include, but are not limited to, the risks set forth in the "Risk Factors" section in MID's Annual Information Form for 2009, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to MID's Annual Report on Form 40-F for the year ended December 31, 2009, which investors are strongly advised to review. The "Risk Factors" section also contains information about the material factors or assumptions underlying such forward-looking statements. Forward-looking statements speak only as of the date the statements were made and unless otherwise required by applicable securities laws, MID expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events or circumstances or otherwise.
SOURCE MI Developments Inc.