Frank Stronach

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MEC Gets Extension on $40-Million Loan

MEC Gets Extension on $40-Million Loan

Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.

Proposal: MEC Parent to Sell Interest

Proposal: MEC Parent to Sell Interest

The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.

MEC's Parent Company May Step in Again

MEC's Parent Company May Step in Again

The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.

'Groundhog Day:' MEC Losses Mount

'Groundhog Day:' MEC Losses Mount

With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.

Eclipse Breeder: Adena Springs

Eclipse Breeder: Adena Springs

As a result of finishing 2007 as the leading breeder by earnings for the fifth consecutive year, Frank Stronach's Adena Springs was voted the outstanding breeder of the year for a record fifth time.

Orr Wins Judgment Against MEC

Orr Wins Judgment Against MEC

Former Magna Entertainment Corp. executive Graham Orr has won a $1.6-million judgment against his former employer in a wrongful dismissal case, according to a published report.

Charles Named COO of MEC

Charles Named COO of MEC

Santa Anita Park president and chief executive officer Ron Charles has taken on additional duties with the parent company of the racetrack after accepting an appointment as chief operating officer of Magna Entertainment Corp., it was announced Jan. 7.

HOPA Reorganizes Board, Focus

HOPA Reorganizes Board, Focus

The Horse Owners' Protective Association, an industry advocacy group that was formed in part by activist owner Jess Jackson, has announced a reorganization of its board and an expanded focus of its mission.

Raffetto Out, Dragone in at MJC

Raffetto Out, Dragone in at MJC

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.

MEC Properties Listed for Sale

MEC Properties Listed for Sale

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.

MEC Officials Promise to Keep Chipping Away at Debt

MEC Officials Promise to Keep Chipping Away at Debt

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.

Ginger Punch Spices Up Beldame Field

Ginger Punch Spices Up Beldame Field

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 Ready to Take 'Drastic Action'

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.

Citronnade Wins Punchless Beverly Hills

Citronnade Wins Punchless Beverly Hills

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.

Stronach Tells CHRB He'll Use $24M on Upgrades

Stronach Tells CHRB He'll Use $24M on Upgrades

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.

Magna Packaging Properties to Drive Down Debt

Magna Packaging Properties to Drive Down Debt

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.

Council OKs Dixon Downs; Opponents Want Vote

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.

Magna, Caruso Announce Santa Anita Pacts

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.

MEC Buys Am Tote

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.

City Staff Urges Approval of Dixon Downs Plan

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.

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