The state of FLORIDA GAMING PT 3 new news

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<TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD vAlign=bottom align=left width=350 rowSpan=2>[FONT=verdana,arial]Gaming/Casinos Press Releases[/FONT]
</TD><TD vAlign=bottom noWrap align=right>Press release distributed by PR Newswire
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[FONT=verdana,arial]Magna Entertainment Corp. announces the introduction of new gaming legislation in Florida [/FONT]
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AURORA, ON, May 8 /PRNewswire-FirstCall/ - Magna Entertainment Corp.("MEC") (NASDAQ: MECA; TSX: MEC.A) announced today that the FloridaLegislature has passed two pieces of legislation that MEC anticipates wouldhave a significant positive impact on the slot and pari-mutuel operationsat Gulfstream Park. House Bill 1047 clarifies a number of provisions of the Florida SlotMachine Act. If approved by Florida Governor Charlie Crist, the bill willimmediately become law and the following changes will be implemented atGulfstream Park Casino: (i) ATMs will be made available in all areas withthe exception of the casino floor; (ii) check cashing services will be madeavailable for pari-mutuel patrons, employees and pari-mutuel licenseholders; (iii) hours of operations will increase from 16 hours per day to18 hours per day and 24 hours on Saturdays, Sundays and state holidays;(iv) the number of authorized machines will increase from 1,500 to 2,000;and (v) the linking of machines at the facility to create progressivejackpots will be permitted. The second piece of legislation is SB 752, which is related tocardrooms. If approved by Governor Crist, the bill will become law on July1, 2007 and the following changes will be implemented in the cardroomoperations at Gulfstream Park: (i) the cardroom will be open year-round,rather than just during live pari-mutuel days; (ii) the bet limit willincrease from $2 to $5; (iii) prizes and jackpots will be authorized to bepaid to players; and (iv) $100 buy-in games of no-limit Texas Hold `em willbe permitted. Each of these pieces of legislation has been ordered by the Legislatureto be engrossed for presentation to Governor Crist, which MEC expects willformally occur during the next several weeks. Under the FloridaConstitution, the Governor has the ability to sign the measures into law,allow them to become law without his signature, or veto the measures intheir entirety. Gulfstream Park, which opened in 1939, is located on approximately 250acres of land in the cities of Hallandale and Aventura, between Miami andFort Lauderdale in Florida. World famous for its thoroughbred racing meet,highlighted by the $1 million Florida Derby, Gulfstream Park is also nowhome to more than 1,200 Las Vegas-style slot machines, a luxurious pokerroom and fine-dining and buffet restaurants. In the near future, GulfstreamPark will become home to a one-of-a-kind retail-residential center, to beknown as The Village at Gulfstream Park. MEC, North America's largest owner and operator of horse racetracks,based on revenue, acquires, develops, owns and operates horse racetracksand related pari-mutuel wagering operations, including off-track bettingfacilities. MEC also develops, owns and operates casinos in conjunctionwith its racetracks where permitted by law. MEC owns and operates AmToteInternational, Inc., a provider of totalisator services to the pari-mutuelindustry, XpressBet(R), a national Internet and telephone account wageringsystem, as well as MagnaBet(TM) internationally. Pursuant to jointventures, MEC has a fifty percent interest in HorseRacing TV(TM), a 24-hourhorse racing television network, and TrackNet Media Group LLC, a contentmanagement company formed for distribution of the full breadth of MEC'shorse racing content. This press release contains "forward-looking statements" within themeaning of applicable securities legislation, including Section 27A of theUnited States Securities Act of 1933, as amended (the "Securities Act"),and Section 21E of the United States Securities Exchange Act of 1934, asamended (the "Exchange Act") and forward-looking information as defined inthe Securities Act (Ontario) (collectively referred to as forward-lookingstatements). These forward-looking statements are made pursuant to the safeharbor provisions of the Private Securities Litigation Reform Act of 1995and the Securities Act (Ontario) and include, among others, statementsregarding the expected impact the approval of new gaming legislation inFlorida will have on our balance sheet. Forward-looking statements should not be read as guarantees of futureperformance or results, and will not necessarily be accurate indications ofwhether or the times at or by which such performance or results will beachieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/ormanagement's good faith assumptions and analyses made in light of ourperception of historical trends, current conditions and expected futuredevelopments, as well as other factors we believe are appropriate in thecircumstances and are subject to known and unknown risks, uncertainties andother unpredictable factors, many of which are beyond the Company'scontrol, that could cause actual events or results to differ materiallyfrom such forward-looking statements. Factors that could cause actualresults to differ materially from our forward-looking statements include,but may not be limited to, material adverse changes: in general economicconditions, the popularity of racing and other gaming activities asrecreational activities, the regulatory environment affecting the horseracing and gaming industries, and our ability to develop, execute orfinance our strategies and plans within expected timelines or budgets. Indrawing conclusions set out in our forward- looking statements above, wehave assumed, among other things, that there will not be any materialadverse changes: in general economic conditions, the popularity of horseracing and other gaming activities, the regulatory environment, and ourability to develop, execute or finance our strategies and plans asanticipated. Forward-looking statements speak only as of the date the statementswere made. We assume no obligation to update forward-looking statements toreflect actual results, changes in assumptions or changes in other factorsaffecting forward-looking statements. If we update one or moreforward-looking statements, no inference should be drawn that we will makeadditional updates with respect thereto or with respect to otherforward-looking statements.</PRE>
 

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It's a slippery slope to full class 3 gaming some day. Just a few years ago it was 10 dollar pot poker, before that there were just a few Bingo halls.
 
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Gotta fleece all the blue hairs that retire down there-same gig in Arizona
 

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