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May 18, 2000

Arcadia-based Magna Entertainment Corp., which operates Santa Anita Park, has agreed to purchase Bay Meadows Operating Co., operator of Bay Meadows Racecourse in San Mateo, Calif. Terms of the transaction, which requires regulatory approval, were not disclosed. Magna said it will continue live horse racing at the Bay Meadows Racecourse through the end of 2002, after which it intends to consolidate Bay Meadow's schedule at Golden Gate Fields in nearby Albany.

* Los Angeles-based real estate manager Citadel Holding Corp., which operates the Citadel shopping outlet center off Interstate 5, reported first-quarter net income of $231,000, or 3 cents a share, compared with $470,000, or 7 cents, a year ago. Revenue fell to $602,000 from $1.5 million in the year-earlier period. The results reflect a decrease in both the rental income and the real estate operating expenses pertaining to the $20-million sale of property in Phoenix in June 1999.

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