Prominent Thoroughbred breeder-owner Frank Stronach has taken over as chief executive officer of MI Developments, the racetrack operating company of which he is already chairman.
Halsey Minor has made an offer to buy all MI Developments assets for $300 million to $320 million.
A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.
Gulfstream Park could have some important political support in its goal to change a state law that prohibits Thoroughbred racing after 7 p.m. if there are benefits for other pari-mutuel sports.
MI Developments Inc. announced Aug. 27 a bonus program involving tracks owned by the company that could result in a $5.5 million bonus for the winner of the 2011 Preakness Stakes (gr. I).
During the first two months of MI Development's ownership of the previous Magna Entertainment assets, the racing and gambling operations lost $6.2 million, according to the latest quarterly report.
Amid concerns about track safety, horsemen representatives and Santa Anita management met the morning of Aug. 6 to discuss progress on renovation of the Pro-Ride synthetic racing surface that began July 26.
- By Tom LaMarra
A desire for longer meets at racetracks is among the prominent themes derived from comments submitted to MI Developments vice president Dennis Mills as part of a contest at his RacingFuture.com website.
The chief executive of the company that now owns Santa Anita Park said installation of a new main track would prevent Oak Tree from using the facility in 2010.
MI Developments announced on May 27 that Ken Dunn will leave his position as Gulfstream Park president and general manager effective May 28.
- By Jim Freer
MI Developments on May 27 told employees of Gulfstream Park that effective May 28 Ken Dunn will no longer be president and general manager of the Hallandale Beach, Fla., track.
The California Horse Racing Board got an opportunity to address recent actions of the state's newest track owner, MI Developments, at its May 20 meeting.
In view of the recent announcement that the Oak Tree Racing's lease to conduct a fall meet at Santa Anita Park had not been renewed, MI Developments issued a statement May 18 reaffirming its support for California racing.
MI Developments notified the Oak Tree Racing Association May 14 that it was ending its lease agreement.
The Maryland Jockey Club, now operated by MI Developments, will be jointly operated by Penn National Gaming Inc. upon closure of the deal, the two entities announced May 7.
- By Tom LaMarra
A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.
Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.
A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.
Magna Entertainment Co. announced "disappointing" second-quarter earnings Aug. 9 that included a $23.4-million loss during the period, and outlined new initiatives to help reduce mounting debt that has haunted the racetrack operator.
With its proposed Dixon Downs racetrack going before the voters of the town of 17,000 on April 17, Magna Entertainment Corp. has offered to turn the track's 14-acre infield into athletic fields open free to community organizations.
Magna Entertainment Corp. has adopted "development covenants" in an attempt to allay the fears of opponents in regard to its plans to build Dixon Downs racetrack in Northern California.
Gulfstream Park opened for its 2006 live race meet Wednesday, its palatial new clubhouse only partially completed and its patron facilities falling short of management's expectations when the project was begun nearly two years ago.
"Go west, young man," was the theme expressed by Scott Savin as Gulfstream Park's president introduced the track's completely redesigned clubhouse during a walkthrough of the facility Monday, Jan. 2.
The rebuilding of Gulfstream Park is well under way and, according to Magna Entertainment Corp. officials, the facility will be ready when the next live meet begins the first week of January 2006.
A top official at Magna Entertainment Corp. acknowledged the racetrack company's substantial debt but said he sees signs of a turnaround, perhaps sometime in 2006.
Magna Entertainment Corp. announced Tuesday that Thomas W. Hodgson has been appointed chief executive officer, replacing Jim McAlpine.
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