Several assets owned by Magna Entertainment Corp. will apparently be offered separately for sale from a $195-million "stalking horse bid" its parent company has tendered in relation to MEC's Chapter 11 bankruptcy filing March 5.
Churchill Downs has seen some weakness in ticket sales for its annual Derby-Oaks weekend extravaganza, but feels there is enough interest in the events to produce another strong showing for the racetrack company.
Youbet.com reported a loss of $4.5 million for 2008, fueled by an $11.2 million fourth-quarter impairment charge for subsidiary United Tote, the company reported March 5.
Profits from continuing operations at Churchill Downs Inc. grew 71% in 2008, the company reported March 4, despite handle drops at all of its racetracks.
Magna Entertainment Corp. has been informed by PNC Bank that it is in default on a loan agreement involving four Maryland entities the company owns.
A lawsuit filed seeking damages over the failed buyout of Penn National Gaming Inc. has been dismissed by a Maryland federal judge.
Anthony R. Campbell has resigned as a director of the board of Magna Entertainment Corp., the third director to leave the company in a month, and the second in the span of five days. In separate filings with the Securities and Exchange Commission, company officials said they were engaged in discussions over potential "in-court or out-of-court" reorganizations.
Two brothers have been charged by the U.S. District Court in Nevada in connection with a U.S. Attorney's Office investigation that included the former offshore rebate shop International Racing Group.
A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.
A publicly-traded company with alleged ties to the parent company of ClassicStar is now a defendant in the consolidated federal civil action against the former broodmare lease operator and others.
A federal judge presiding over the antitrust lawsuit filed by Churchill Downs Inc. against horsemen's groups basically said Feb. 19 he has his work cut out for him in trying to resolve the complex issues involved in the case.
Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.
Magna Entertainment Corp. has filed a lawsuit over its rejected bid for a slots license in the state of Maryland, and is asking a state circuit court to grant injunctions stopping the process from going forward until its legal challenges have been resolved.
The Kentucky Thoroughbred Association and its executive director have been dismissed from the federal antitrust lawsuit brought by Churchill Downs Inc. against multiple horsemen's groups.
A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.
After absorbing a $378.6-million loss in 2008's fourth quarter alone, Penn National Gaming Inc. posted an annual loss of $153.3 million for the year, and said while it isn't "enthused" about developing a potential new slots facility in Maryland, it will pursue those plans.
Here's a fact: Some domestic advance deposit wagering outlets are openly offering cash rebates to customers that wager on California racing signals.
A collection of familiar faces to Fair Grounds Race Course and Slots will line up Feb. 7 in the Mineshaft Handicap (gr. III), which is part of the six-stakes "Louisiana Derby Preview Day" card scheduled for the New Orleans-area track.
After deliberating late into the night of a rare Saturday trial session, jurors in a Kentucky state court trial partially sided with Paula Singer in a wrongful-termination action by delivering a judgment of $47,417 against a prominent equine insurance agency and former boss Richard Vimont, but awarded her no punitive or emotional distress damages.
In a Kentucky court trial interrupted for two days by a paralyzing ice storm, jurors returned to hear chilling testimony that a manager was fired from her job with an equine insurance agency because she terrorized her staff, and not because she was on the verge of discovering an international scheme of fraud.
Some Nevada casino racebooks are booking wagers on races from tracks affiliated with TrackNet Media Group after the content company recently cut off signals to the state over a contract dispute.
Jurors in a Kentucky state courthouse are basically asked to believe one of two things pertinent to a civil lawsuit being tried there: Former Kentucky resident Paula Singer was either fired from Bluegrass Bloodstock Agency in 2001 for being a poor manager; or, that the former head of the company's equine insurance division was unjustly terminated because she was on the verge of uncovering a scheme of international fraud involving her boss.
Despite comments from TrackNet Media Group that negotiations are "going backwards" over issues involving racing signals to Nevada racebooks, the player on the other side of the table offered guarded hope matters can be resolved before a Jan. 25 cut-off deadline.
A dispute over hub-fee agreements has left some Churchill Downs Inc.-owned tracks and related off-track betting facilities without racing signals from California.
Mexico's Caliente Group, which for years has battled sometimes intense scrutiny of its South American bookmaking operation, has completed the comprehensive due-diligence process of the Thoroughbred Racing Protective Bureau.
TrackNet Media Group has granted an extension of its racing signals to Nevada casinos following a meeting held Jan. 7.
Hampered by a 20.3% drop in total handle in December, wagering in the United States declined 7.2% in 2008 to record the lowest overall total in a decade.
TrackNet Media Group is poised to cut off its signals to more than 80 Nevada casinos Jan. 7 unless a new agreement is met for what the content company feels are more equitable fees.
While a signal deal has been struck between Churchill Downs Inc. and Kentucky horsemen for the Churchill Downs spring meet, still unresolved are claims and counter-claims in federal antitrust lawsuit featuring many of the principal parties.
TVG and the New York Racing Association have reached a two-year agreement on the distribution of NYRA signals, allowing Aqueduct programming to return to the horse racing network Jan. 3.
In announcing a deal to sell its TV Guide Network for $255 million, Macrovision Solutions Corp. said Dec. 18 it also hoped to reach a deal to sell the TVG horse racing network in early 2009.
Cognizant of negative dynamics hammering the racing scene in South Florida, leaders of the Thoroughbred industry harbored in the central part of the state are considering preemptive-strike plans to pursue a permit for pari-mutuel meets to be run in the Ocala area.
Wagering on Tampa Bay Downs' 83rd live meet, which opens Dec. 13, will be available to most advance deposit wagering outlets, the Oldsmar, Fla., track announced Dec. 12.
Cushion Track has answered speculation it would add third-party defendants to it case with the Los Angeles Turf Club, charging several contracted companies with fault in the development of the former troubled synthetic surface at Santa Anita Park.
A Kentucky state judge has ruled on a summary judgment in favor of Stan Fulton in his lawsuit against Stonewall Farm Stallions, saying the stud farm owes the horseman and racetrack owner more than $800,000 on the sale of sire It's No Joke.
A Kentucky federal judge has confirmed the reorganization plan which will allow the Jockeys' Guild to emerge from bankruptcy, a little more than 13 months after the protective action was taken, and just days before the group's annual national assembly in Las Vegas.
More than two years after the first federal lawsuits were filed in connection to the former ClassicStar broodmare lease operation, efforts are being made to clear legal logjams that have impeded resolution of now multiple disputes.
A Kentucky judge rejected Jess Jackson's $4 million bid to acquire a 20% interest in reigning Horse of the Year Curlin. Jackson is the majority owner of the 4-year-old champion.
Penn National Gaming Inc. has asked a Maryland federal court to dismiss a lawsuit brought against the company for alleged securities violations inherent to its failed buyout deal earlier this year, claiming the legal action is an attempt by the plaintiffs to recover bad investment decisions.
Cushion Track and related defendants have filed a counterclaim against the Los Angeles Turf Club and its general counsel in the lawsuit over the troubled former synthetic surface at Santa Anita Park, asking a California federal court to award it at least $1.3 million in damages.
Youbet.com said Nov. 19 it has settled several disputes with the former owners of defunct off-shore wagering entity International Racing Group, a deal which features both cash and stocks changing hands, and mentions that a federal investigation into IRG may still be active.
A recent deal that allowed expanded distribution of the Fair Grounds racing signal was hailed by some as a step forward in the months-long nationwide dispute between horsemen, racetracks, and advance deposit wagering entities. But some horsemen's groups are categorizing the development as a step backwards in an overall plan to secure higher revenue shares for purses from a growing wagering segment.
Confirmation of a plan allowing the Jockeys' Guild to emerge from bankruptcy was delayed for at least a couple of weeks during a Nov. 17 hearing in a Kentucky federal court, but the judge presiding over the Chapter 11 reorganization said he expects to approve the necessary order when it crosses his desk.
A Thoroughbred appraiser has set a $20 million value on reigning Horse of the Year Curlin and is recommending ownership be consolidated under primary owner Jess Jackson.
Members aligned on different sides of advance deposit wagering's "Big Four" reported mixed handle results in the third financial quarter amid declining national betting trends.
Jess Jackson is involved in a private bid to buy out the 20% minority interest he doesn't control in reigning Horse of the Year Curlin, but actions in a Kentucky court Nov. 13 on the surface probably won't help speed a decision on the champion colt's future.
The signal for the Fair Grounds race meet starting Nov. 14 will be available to a wider variety of advance deposit wagering outlets, a group that does not include TVG, Churchill Downs Inc. announced Nov. 12.
What started as a simple conversation 13 years ago with the then chairman of Ocala Breeders' Sale Co. has turned into an extended labor of love for artist Catherine Goldman-Bloomfield - nearly 2,500 square feet of painstaking Thoroughbred painting excellence.
TVG has been classified as a discontinued operation by parent company Macrovision Solutions Corp., which says it in the "final phases" of negotiations to sell the horse racing network.
The sealed-bid process for selling the minority interest in reigning Horse of the Year Curlin failed to produce an acceptable bid, but private negotiations will continue for the 20% ownership held by Midnight Cry Stable.
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