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.
- By Jack Shinar
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.
- By Tom LaMarra
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.
- By Jack Shinar
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.
- By Pete Spanos
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.
- By Pete Spanos
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 Corp. announced Tuesday that president and CEO Tom Hodgson will leave the company at the end of this month and that the board has initiated a search process for a successor.
- By Tom Precious
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.
The principals on both sides of a civil lawsuit involving Ocala Breeders' Sale Co. have agreed to settle the dispute out of court, just days before the four-year-old case was set to go to trial.
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.
The first two foals by five-time grade I winner Congaree were born in Central Kentucky Jan. 9.
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.
Frank Stronach's Adena Springs Farm has formulated two breeders incentive programs for the 2006 season.
Young mares in foal to young stallions were on display at the Adena Springs annual broodmare sale Thursday evening at Fasig-Tipton's Newtown Paddocks in Lexington, Ky.
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.
Veterinarian George Mundy has been hired as general manager of Adena Springs, the Kentucky division of Frank Stronach's 2000 and 2004 Eclipse Award-winning breeding operation.
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.
Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.
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.
- By Tom LaMarra
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.
North Light, an English champion and classic winner, will enter stud at Frank Stronach's Adena Springs Farm near Midway, Ky.
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.
Frank Stronach's Adena Springs has bought a majority interest in the breeding rights of Kentucky Derby (gr. I) winner Giacomo from the colt's owners, Jerome and Ann Moss.
- By Steve Haskin
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
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.
Primarily, the 2000 Canadian Broodmare of the Year, died March 30 in a field from injuries sustained in a fall at Frank Stronach's Adena Springs near Versailles, Ky.
- By Tom LaMarra
A top official at Magna Entertainment Corp. acknowledged the racetrack company's substantial debt but said he sees signs of a turnaround, perhaps sometime in 2006.
- By Ron Mitchell
Based on the recommendations of a special committee of independent directors, the board of Magna Developments has come out against proposals from Greenlight Capital Inc.
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.
Horse of the Year Ghostzapper, owned by Stronach Stables and conditioned by Bobby Frankel, worked five furlongs handily in 1:01.80 at Palm Meadows Wednesday.
Frank Stronach could not have asked for anything more Oct. 30. The Breeders' Cup World Thoroughbred Championships was being held at Lone Star Park, owned by Stronach's Magna Entertainment Corp.
The first reported foals by grade I winners Milwaukee Brew and Sligo Bay arrived the first part of January.
The Sunshine Millions, matching California-breds against Florida-breds, will be renewed Saturday, Jan. 29 with eight races worth a combined $3.6 million.
The first reported foal sired by champion Macho Uno is a filly born Jan. 11 at Frank Stronach's Adena Springs South near Ocala, Fla.
- By Ray Paulick
By Ray Paulick - The execution of Magna's vision has been difficult given its isolationist philosophy.
Magna Entertainment Corp. chief executive officer Jim McAlpine Nov. 3 acknowledged the company's substantial third-quarter loss and said it would re-examine its strategy and direction moving forward.
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