The owner of Laurel Park and Pimlico Race Course has received another deadline extension on $40 million in credit that was due Wednesday.

Canadian-based Magna Entertainment Corp. said in a brief statement late Wednesday that it had extended the due date of credit taken with a Canadian-chartered bank to Aug. 15.

The company also owes another $180 million to its parent company, MI Developments, Inc., by Aug. 31.

Prior to the company’s announcement of the extension, racing industry insiders predicted Magna would be able to convince debtors to be patient, thanks to its relatively small number of investors and shareholders.

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“Going back three of four years when they started running into financial walls, I think they’ve managed themselves through it well,” said Tim Capps, a former vice president of the Maryland Jockey Club, which operates Laurel and Pimlico for Magna. “So much of the company is insider held, they’ll find a way to get through it.”

Magna announced a debt retirement plan last September which would raise $600 million to $700 million and would sell off some of its assets and racetracks. But those efforts have been hamstrung by a weak real estate market and slow economy.

The company has lost money every year since 2002, including $114 million last year and $46 million during the first quarter.

acahall@baltimoreexaminer.com