Magna Entertainment's debt-reduction sale of what it deems excess assets is under way with at least four properties already listed with real estate agents.
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.
Officials with Magna Entertainment spent a good deal of time May 9 highlighting the company's continued attack on staggering debt, and how it will correct an admittedly disappointing start for the slots operations at Gulfstream Park.
One racecourse is apparently closing at the end of the year, a victim of its decision not to install a synthetic racing surface. Then voters rejected the track that would have eventually replaced it. After a tumultuous month for the future of Northern California racing, what happens next?
Voters in the farm town of Dixon, Calif., turned down Magna Entertainment Corporation's proposed $250 million horse racing complex by less than 300 votes April 17.
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.
Amid news of improvement on operating losses and increased revenues, officials with Magna Entertainment also said during an earnings conference call March 5 that selling off prominent training centers in both California and Florida was within the realm of possibility.
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.
The fate of Magna Entertainment Corporation's $250 million state-of-the-art racetrack for Northern California will be decided in a special election April 17 by the city of Dixon, a town of 17,500 residents 19 miles west of Sacramento.
It didn't take long for foes of the Dixon Downs racetrack in Northern California to attack plans for the $250 million Magna Entertainment project approved by the Dixon City Council on Oct. 23. Already, a citizen group has turned in petitions seeking a referendum to overturn the action, and on Nov. 21, the nearby city of Davis filed a lawsuit aimed at mitigating the development's impact on the region.
Dixon Downs, Magna Entertainment Corp.'s "dream track" for Northern California, got a giant step closer to reality the evening of Oct. 23. But a local group that opposes the project is pushing for a referendum on the project in 2007.
Six years after Magna Entertainment Corp. first pitched its idea, Dixon, Calif., city staff officially recommended the approval of Dixon Downs, a $250 million state-of-the-art racetrack and training center proposed for the rural town 20 miles west of Sacramento.
A recall attempt in the town of Dixon, in part over Magna Entertainment Corporation plans to build Dixon Downs racetrack on the outskirts of the Northern California community, failed to attract enough signatures to qualify for the June 2006 ballot.
City officials put their demands on the table Jan. 24 for Dixon Downs, Magna Entertainment's proposed state-of-the-art racetrack and training facility near Sacramento, Calif.
Five years after Frank Stronach first pitched his dream of Dixon Downs, Magna Entertainment's model racing and entertainment complex in Northern California reached a significant milestone Sept. 23 with the release of the draft environmental impact report.
At the final session in a series of city-sponsored public workshops March 19, Magna Entertainment presented its updated proposal for Dixon Downs, the $250 million state-of-the-art racetrack and entertainment complex the company wants to build in Dixon, Calif., 20 miles west of Sacramento.
Four years after it was first proposed, Magna Entertainment's $250 million dream track for Northern California is finally nearing the public hearing stage. A series of meetings on various aspects of the development will be held in 2005, Dixon city officials said at a planning commission meeting Dec. 21.
Magna Entertainment Corp. announced on Wednesday that Ron Charles, former chairman of the Thoroughbred Owners of California, has been selected to assume the executive directorship of MEC California effective Nov. 1.
Bay Meadows, thought to be starting what could have been its final year of operation on April 7, figures to be around for quite a bit longer.
After a public hearing attended by less than a dozen residents in Dixon, Calif. Thursday, Magna Entertainment Corporation was prepared to take the next major step for its proposed Dixon Downs racetrack – preparation of a draft environmental impact report.
Taking another step in a lengthy approval process, Magna Entertainment publicly rolled out its detailed plans for Dixon Downs, a $250 million "dream track" prototype for the company's future development.
Detailed studies for the proposed $250-million Dixon Downs in Northern California are set to begin now that Magna Entertainment Corp. has received approval from the Dixon City Council for an agreement to pay for consultants for the extensive reports.
Magna Entertainment Corp.'s plans for Dixon Downs, the company's ideal "racetrack of the future," are finally headed to the starting gate. On March 3, MEC submitted its detailed proposal for the $250-million project to the city of Dixon, located 19 miles west of Sacramento, Calif.
Magna Entertainment Corp. expects to formally present project development plans for the proposed Dixon Downs in Northern California to the Dixon City Council by the end of the year.
Dixon Downs may not be on the fast track, but it's making steady progress toward ground-breaking. That's the report from the front lines in Dixon, the small California town 20 miles west of Sacramento where Magna Entertainment Corp. is hard at work developing a state-of-the-art racetrack.
More than 500 people turned out for a community meeting in Dixon, Calif., to hear Magna officials discuss their proposal for a state-of-the-art racetrack and training facility with a major-league price tag. Though they would not disclose a budget, Magna officials earlier had estimated its cost for the project at up to $150 million.
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