The Maryland Jockey Club announced Nov. 28 that president and chief operating officer Lou Raffetto Jr. will be leaving effective immediately to pursue other opportunities, and that Chris Dragone, a former senior vice president and general manager at the MJC, will take over his duties.
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.
Buyers at the eighth session of the Keeneland November breeding stock sale kept things rolling Nov. 12, pushing the gross, average, and median towards positive gains in a session-to-session comparison over 2006.
Magna Entertainment blamed the weak performance of its slots operation at Gulfstream Park Racing & Casino as a key to another in a series of poor financial quarters, as the company announced a $49.8 million net loss ending Sept. 30.
Trainer Bobby Frankel said he isn't thinking about the Breeders' Cup Championships as much as the Sept. 30 Beldame (gr. I) at Belmont Park. The Frankel-trained Ginger Punch, a 4-year-old, will be the favorite in the Beldame, a 1 1/8-mile dirt race for fillies and mares.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
Magna International shareholders approved a plan Aug. 28 that will allow Russian Machines to acquire a 42% stake in the international auto parts supplier for $1.5 billion.
The highlight of the Ocala Breeders' Sales Co. August yearling sale's second open session was a $150,000 son of Macho Uno.
Frank Stronach's Adena Springs Farm, North America's leading breeder by earnings for the fifth consecutive year, will offer a large consignment of in-foal mares at both Keeneland and Fasig-Tipton mixed sales this fall.
- By Ryan Conley
A day after announcing new initiatives to reduce debt, Magna Entertainment Corp. hosted an earnings conference call Aug. 10 that was deemed by one financial analyst to be "irregular."
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.
Frank Stronach's Adena Springs has moved to a new facility near Bourbon County, Ky.
- By Ray Paulick
By Ray Paulick - The revolving door at Magna didn't start with Neuman. Since Stronach formed Magna Entertainment in February 2000, there have been six CEOs.
If there was any hope for Citronnade's four opponents in $150,000 Beverly Hills Handicap (gr. IIT) on the turf at Hollywood Park, it was that the Bobby Frankel trained filly had never run as far as Sunday's 1 1/4-mile distance. It hardly mattered when the smooth striding bay dominated every step of the way to win by 2 1/2 lengths.
Michael Neuman, who was hired in late February as the chief executive officer of Magna Entertainment Corp., is leaving the company, it was announced June 22.
Trying to undo the negative fallout over comments by his company's new CEO, Magna Entertainment founder Frank Stronach pledged $24 million for installation of synthetic racing surfaces at Santa Anita Park and Golden Gate Fields as well as much needed refurbishing of the Santa Anita barn area.
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.
A colt by El Prado and a filly by Sky Mesa topped the 2006 Adena Springs South 2-year-olds in training sale March 26 at the auction held at the Williston, Fla., farm.
Corey Johnsen has resigned as president of Magna Entertainment Corp. southern operations to join a group of private investors that is in the process of acquiring controlling interest of another North American racetrack.
Adena Springs has begun relocating mares to its new 2,000-acre facility near Paris, Ky.
For the third consecutive year, Frank Stronach's Adena Springs has been voted the outstanding breeder of the year.
All eyes were on trainer Bobby Frankel's British import Cantabria in the $150,000 El Encino (gr. II), but it was the Hall of Fame conditioner's other entrant - the Frank Stronach-owned filly Sugar Shake - that got the job done at Santa Anita Park Sunday.
Bill Murphy has been appointed president and general manager of Gulfstream Park, Magna Entertainment Corp. announced Jan. 10.
Stronach Stables' homebred Citronnade was left alone on an easy lead and spurted away from her rivals in the stretch to win the $150,000 San Gorgonio Handicap (gr. IIT) for fillies and mares by three lengths Sunday on the Santa Anita Park turf course.
Magna Entertainment officials parried with contentious callers during an earnings conference call Nov. 2.
Palm Meadows opened the gates to its fifth season Wednesday in Florida.
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.
Adena Springs announced the fees for the stallions at its Kentucky and Florida farms with several unchanged but most decreasing from 2006 to 2007.
Magna Entertainment Corp., announced Oct. 12 that Golden Gate Fields will install the Tapeta Footings, a synthetic racing surface on its main racetrack.
Magna Entertainment Corp. and Caruso Affiliated announced Sept. 28 they have completed operating agreements for the proposed development of approximately 51 acres of undeveloped lands surrounding Santa Anita Park.
Silent Name, a grade II winning son of Sunday Silence, will retire to Frank Stronach's Adena Springs near Versailles, Ky., in 2007.
Magna Entertainment Corp. completed a $17.4 million acquisition of AmTote International on Thursday, adding a major provider of totalizator services to its portfolio of horse racing entities.
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.
Magna Entertainment Corp. has announced that Gino Roncelli has stepped down as director of the organization.
Stronach Stables' Royal Challenger rallied from last to first to win Sunday's $500,000 Breeders' Stakes, the third jewel of Canada's Triple Crown on the Woodbine turf course.
Churchill Downs Incorporated and Magna Entertainment Corp., the two largest track-operating companies in the U.S., announced Friday that they have entered into an agreement to cooperate in the bidding process for the New York racetrack franchise, which is currently held by the New York Racing Association and will expire Dec. 31, 2007.
Magna Entertainment Corp. chairman Frank Stronach indicated his company hopes to be involved in New York racing on some level, and that it also is working with Churchill Downs Inc. on projects that will benefit the two companies and the industry at large.
Magna Entertainment Corp. reported a slightly smaller net loss for the second quarter of 2006 compared with the same period last year, but indicated a working-capital deficiency of almost $140 million remains a problem.
Magna Entertainment Corp. announced Thursday that Joseph A. DeFrancis has been appointed as a director of the company, effective immediately.
After months of wrangling, Magna Entertainment Corporation and the Florida horseman agreed Friday evening to the percentage of slots revenue that will increase horseracing purses at Gulfstream Park.
Paul Cellucci has resigned as Magna Entertainment Corporation's executive vice president of corporate development, the company announced June 30.
- By Ray Paulick
By Ray Paulick -- For the second consecutive year, no contemporary horses were elected to the National Museum of Racing's Hall of Fame. That is astonishing, considering some of the champions named on the ballot.
In a move that could have significance on any future development plans for Santa Anita Park, a California commission has recommended that the track be made eligible for the National Register of Historic Places.
With a first-quarter earnings report that shows net income of $2.2 million versus a net loss of $4.1 million for the same period a year earlier, Magna Entertainment Corp. is rebounding from what company officials called a very tough year in 2005, officials said.
Unable to strike a deal with the Florida Horsemen's Benevolent and Protective Association on revenue from slot machines, Magna Entertainment Corp. said April 28 it plans to proceed with arbitration under Florida statute to reach an agreement.
The California Horse Racing Board is expected to waive its rules regarding the coupling of horses with common ownership during the current Hollywood Park meeting and upcoming Bay Meadows stand.
Donald M. Amos, Magna Entertainment Corp.'s executive vice president and chief operating officer, told members of the Kentucky Thoroughbred Farm Manager's Club April 4 that horseracing was in need of a renaissance, and that newly renovated Gulfstream Park represented MEC's vision for that rebirth.
The Adena Springs juvenile auction established a sale record for gross revenue Monday night in Central Florida while reducing its buy back rate significantly.
Frank Stronach held back five well-bred colts from his Adena Springs sale of 2-year-olds in training sale Monday in Central Florida, saying he plans to "syndicate them and offer them to people to buy into them" for racing purposes.
Frank Stronach, chairman of Magna Entertainment Corp., attempted to allay investor fears Thursday on the heels of yet another shakeup in the company's leadership. Stronach said he will serve as MEC's chief executive officer until a replacement can be found for outgoing president and CEO Tom Hodgson, whose departure was announced March 14.
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