Articles posted November 20, 2002

Headlines and features from the Thoroughbred industry

Magna Gets Approval to Operate Colonial Downs

The Virginia Racing Commission approved Wednesday an application that allows Maryland Racing Inc. to acquire a majority interest of the Colonial Downs operator's license. Maryland Racing is owned by Magna Entertainment Corp. With the approval, Magna Entertainment's purchase of Laurel Park and Pimlico can be finalized.

Hammond Returns to NBC Broadcast Booth

Tom Hammond, who appeared on last month's Breeders' Cup World Thoroughbred Championships telecast on NBC while recovering from heart bypass surgery, will return to the broadcast booth Saturday for the Notre Dame-Rutgers football tilt.

Lone Star 'Cup' Expansion Project Ready to Begin

Lone Star Park began the first phase of its $7.8-million expansion plan Nov. 20 to accommodate horsemen from around the world and an anticipated crowd in excess of 50,000 for the 2004 Breeders' Cup World Thoroughbred Championships.

Giuliani to Lead Industry's Review of Tote Security

Former New York City Mayor Rudy Giuliani and his consulting firm Giuliani Partners has been hired by a coalition of racing industry stakeholders to begin a systematic review of wagers made over the past year. It is hoped the audit, which could last upwards of one year and will cost in the millions of dollars, will spawn a "state of the art" electronic wagering system that can ensure bettors of pari-mutuel wagering integrity.

Bailey Named Year-Round Racing Director at Gulfstream

David F. Bailey has been named the year-round director of racing and racing secretary at Gulfstream Park after holding the positions on a seasonal basis since last year. Bailey resigned as racing secretary at Arlington Park earlier this week.

Louisiana Downs Financial Investment May Increase

Harrah's Entertainment may increase the initial $157 million it wants to spend on Louisiana Downs, the Bossier City racetrack it purchased this year. The casino company plans to install 1,500 slot machines at the track when the acquisition is complete.

Magna Plans to Sell $50 million in Notes

Magna Entertainment Corp. hopes to raise net proceeds of $48.5 million for "general corporate purposes, including capital expenditures," through subordinated notes that will yield an annual interest rate of 7.25 percent, the company announced on Tuesday.

Bill to Authorize Racetrack VLTs Introduced in Ohio

Legislation to authorize 14,000 video slot machines at Ohio's seven racetracks was introduced Nov. 19. The bill, which includes an emergency clause that requires a two-thirds vote by the Senate and House, was introduced by Sen. Louis Blessing, whose district includes River Downs.

Guilty Plea Expected in Pick 6 Case; Giuliani Firm Hired

Guilty Plea Expected in Pick 6 Case; Giuliani Firm Hired

The New York Times reports that fired Autotote employee Chris Harn will enter a guilty plea today to one count of conspiracy to commit wire and computer fraud and one count of money laundering in connection with the Breeders' Cup Ultra Pick 6 scandal.

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