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.
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.
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.
Magna Entertainment would be interested in partnering with Churchill Downs for New York's potentially lucrative Thoroughbred racetrack franchise, but wants nothing to do with the New York Racing Association, Magna Chairman Frank Stronach said Jan. 24.
Northern Mischief topped the Wednesday session of the Keeneland January horses of all ages sale when Frank Stronach went to $340,000 to purchase the 4-year-old mare, helping the sale company surpass last year's total gross on day three of the seven-day sale.
Frank Stronach's homebred I'm the Tiger pounced on the lead for jockey Jerry Bailey and left his 13 foes well behind in the stretch en route to a surprisingly easy victory in the $300,000 Frank J. DeFrancis Memorial Dash (gr. I) at Laurel Park Saturday.
Magna Entertainment Corp. chairman Frank Stronach provided shelter at the Palm Meadows Training Center for 212 Gulf Coast evacuees on Sept. 4, six days after Hurricane Katrina devastated the region. Friday he made good on his promise to provide shelter a lot closer to their homes.
Magna Entertainment Corp. and Forest City Enterprises have entered into a partnership on the proposed Village at Gulfstream Park, a retail, entertainment, and residential development that will dovetail with racing and gaming operations at the Hallandale Beach, Fla., racetrack.
Four years ago, when he was the farm trainer for Frank Stronach at Adena Springs South near Ocala, Fla., Danny Vella had the satisfaction of seeing former pupils Perfect Sting and Macho Uno win Breeders' Cup races. At this year's Breeders' Cup World Thoroughbred Championships, Vella is seeking an even bigger thrill--training a winner of his own.
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.
With 2006 a little more than three months away, the National Thoroughbred Racing Association continues to push for membership renewals and seek new members in advance of its annual meeting, scheduled for Oct. 10-12 in Lexington.
A field of 10 horses has been drawn for Saturday's Kentucky Cup Classic at Turfway Park. Won last year by Roses in May, this year's event features grade II winner Grand Reward as the 122-pound highweight--and a new Polytrack surface.
Ghostzapper, last year's Horse of the Year after winning the Breeders' Cup Classic – Powered by Dodge (gr. I) in track-record time, will begin his stallion career for a fee of $200,000 at Frank Stronach's Adena Springs Farm near Midway, Ky.
Frank Stronach of Adena Springs and Eugene and Laura Melnyk were the big winners during the Thoroughbred Owners and Breeders Association's national awards dinner Friday night at the Kentucky Horse Park near Lexington.
Adena Springs and the University of Guelph in Ontario, Canada have entered into discussions to build an equine veterinary clinic at Adena Springs North near Aurora. The clinic will be designed to provide equine healthcare and advanced diagnostic performance services to Canada's equine industry.
Jess Jackson, who, along with his family, founded the famous Kendall-Jackson winery, said shortly after the May 30 Metropolitan Handicap that he has purchased one-third interest in 2004 Horse of the Year Ghostzapper, who romped by 6 1/4 lengths in the Met Mile in his 2005 debut.
Reigning Horse of the Year Ghostzapper made a triumphant return to the races Monday, cruising to the lead entering the turn and easily winning the $750,000 Metropolitan Handicap (gr. I) at Belmont Park.
By Ray Paulick - Conglomerate ownership was designed to bring economies of scale to the racetrack segment of the industry. Statistical evidence, along with unconfirmed reports that Hollywood Park may be sold to developers, suggests it hasn't worked very well in Southern California.
A 1999 "forbearance agreement" that prevents Magna International from investing in operations such as Magna Entertainment Corp. won't be renewed next year, Magna chairman Frank Stronach told the Toronto Globe and Mail newspaper.
A son of Golden Missile established a new record price for the Adena Springs 2-year-olds in training sale when bloodstock agent Mike Ryan went to $500,000 to purchase the colt during the March 21 auction.
Paul Cellucci, who formerly served as governor of Massachusetts and United States ambassador to Canada, is the new executive vice president of corporate development for Magna Entertainment Corp. beginning May 1.
When you're hot, you're hot, and Frank Stronach knows that as well as anyone. Two days after his stallion Awesome Again was represented by two Breeders' Cup winners, Stronach announced that Awesome Again's fee was raised to $125,000.
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.
By Ray Paulick -- This is supposed to be the time of year when the racing world starts talking Saratoga and Del Mar, and the search begins for the hot 2-year-olds who look like they could be Triple Crown prospects 10 months from now.