CAMDEN, N.J.–(BUSINESS WIRE)–March 9, 2007–Campbell Soup
Company (NYSE:CPB) today announced that an agreement was entered into
with Magna Entertainment Corporation regarding Magna’s proposed Dixon
Downs horse race track and entertainment center in Dixon, California.
The agreement is based on covenants recently introduced by Magna to
scale back certain activities at Dixon Downs.
The terms of the agreement include: -- Live horse racing and non-horse racing events are prohibited during the period between July 1 and September 30, Campbell's harvesting season. The agreement also prohibits entirely 15 non-horse racing events. The maximum number of people at the proposed 10 Tier 2 horse racing events has been reduced to 10,000 people, down from the original proposal of 15,000 people. -- The use of slots machines and other casino-style gambling are barred at Dixon Downs. -- Additionally, the agreement prohibits any major events with attendance between 15,000 and 50,000 people unless the citizens of Dixon approve such an event via a vote of the electorate. Should the electorate approve a major event, the agreement stipulates that such an event would span no more than three days.
As part of the agreement, Campbell plans to dismiss its pending
litigation against the city of Dixon, with each party bearing its own
legal costs. Campbell also has agreed to maintain neutrality on the
Dixon Downs project, neither supporting nor opposing the ballot
measures scheduled for a vote on April 17, 2007.
“This agreement addresses many of the concerns that Campbell has
had with the Dixon Downs project,” said Robert Zane, Vice President
Real Estate Operations, Campbell Soup Company. “We are pleased that
Magna has taken a more thorough look at the impact Dixon Downs would
have on Campbell’s businesses and has proactively mitigated many of
our concerns. Campbell neither supports nor opposes the Dixon Downs
project. We respect the rights of the citizens of Dixon to vote on
this initiative on April 17.”
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of
high quality simple meals, including soups, baked snacks,
vegetable-based beverages, and premium chocolate products. Founded in
1869, the company has a portfolio of market-leading brands, including
“Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For
more information on the company, visit Campbell’s website at
CONTACT: Campbell Soup Company Anthony Sanzio (Media) 856-968-4390 or Leonard F. Griehs (Analysts) 856-342-6428 SOURCE: Campbell Soup Company