Frank Stronach

News, Articles, Videos and other content about Frank Stronach

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.

Churchill Downs, Magna Join Forces in Bid for New York Racing Franchise

Churchill Downs, Magna Join Forces in Bid for New York Racing Franchise

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.

Stronach Touches on New York, Partnership With CDI

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, Florida Horsemen OK Slot Revenue Split

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.

Hall Monitor

Hall Monitor

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.

MEC Director Says Company 'Hit Bottom in 2005'

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.

Magna VP: Gulfstream a 'Renaissance of the Horse Industry'

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.

Most Popular Stories