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PORTLAND-Magna Entertainment Corp. confirmed late last week its contractual commitments to acquire the operations of Multnomah Greyhound Park from Arthur McFadden and to operate the Portland Meadows thoroughbred racetrack for local developer Tom Moyer, who outbid the company for the operating rights.

It is the foray into Oregon for the Ontario, Canada-based firm, which holds an option to purchase property near the City of Wilsonville for development of a new racetrack. Magna owns several of the country’s most popular horse tracks, including Santa Anita Park in Southern California and Gulfstream Park in Southern Florida.

Moyer, developer and owner of the new Fox Tower office building in the heart of downtown and a former movie theater magnate, has been a minority owner of the 126-acre Portland Meadows property for some time and is seeking a majority ownership and control over its future use. Moyer bought the option for an undisclosed price from Vancouver businessman Eugene Ferryman.

MEC will enter into a lease with Mr. McFadden for the underlying real estate. Moyer, meanwhile, is planning on keeping Portland Meadows around only for a couple of more years, after which he plans to redevelop the site.

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