Great Canadian Gaming Corporation, owners of Hastings Racetrack in Vancouver, British Columbia, announced the resignation of Anthony R. Martin as president and chief operating officer Feb. 20.
Magna Entertainment announced a recapitalization plan July 22 that includes two binding loan agreements with its subsidiary, MI Developments. The plan also includes a bridge loan that a Magna press release said "will permit us to proceed with an orderly marketing and sale of non-strategic real estate, racetracks, and other assets."
Magna Entertainment Corp. has agreed to sell Flamboro Downs, a Standardbred racino in Ontario, Canada, to Great Canadian Gaming Corp., a casino company that continues to add racetracks to its portfolio.
Despite reporting increased revenues and decreased losses during 2004 and the fourth quarter of the year, Magna Entertainment was negatively impacted by setbacks in the reconstruction of Laurel Park in Maryland and spending on gaming initiatives and regulatory matters.
Employees at Magna Entertainment Corp.'s Standardbred track Flamboro Downs have set a strike deadline of midnight Tuesday in response to what it called MEC's "attempt to intimidate workers into dropping key demands" during collective bargaining negotiations.
Magna Entertainment Corp. Tuesday reported a net loss of $103.2 million for the fourth quarter of 2003, or 96 cents a share, which includes a previously announced non-cash write-down of $81.7 million on its assets.
Magna Entertainment moved a step closer to acquiring Flamboro Downs when a company owned by one of its executives acquired the shares of the Ontario harness track.
Magna Entertainment Corp. announced Tuesday an agreement to buy Flamboro Downs Holdings for $47 million, which will give the Ontario-based racetrack conglomerate its first racetrack in Canada.
Woobine Entertainment Group has extended its telephone wagering services to patrons of the Flamboro Downs harness track, about 40 miles south of Toronto.
Magna Entertainment chairman Frank Stronach told shareholders May 11 that he plans to buy four more racetracks in the United States. He said he hopes the racing conglomerate will control 35% of the U.S. handle on Thoroughbred races within two years. Stronach is also considering breaking into the Ontario racing market.
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