Frank Stronach

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Winery Founder Jackson Buys Interest in Ghostzapper

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.

Where Are They Now?

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.

MEC Could Benefit From Agreement Termination

  • News

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.

MEC Hires Former Massachusetts Governor

  • News

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.

No Gift Exchange

By Ray Paulick - The execution of Magna's vision has been difficult given its isolationist philosophy.

Awesome Again's Fee Upped to $125,000

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.

Taking Care of Business

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.

HorseRacing TV Joins DISH Network

Magna Entertainment Corp.'s HorseRacing TV will now be carried on DISH network, beginning July 15. HRTV features television coverage of 13 racetracks owned, operated or managed by MEC.

Building Blocks

By Ray Paulick -- Somewhere at the Aurora, Canada, corporate headquarters where Frank Stronach sits atop his Magna International and Magna Entertainment Corp. empire, there is a warehouse filled with architectural drawings and miniature models for changes to the racetracks Magna now owns.

MID Turns Profit in First Quarter

MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.

Stronach Tells Shareholders MEC is Turning Corner

Magna Entertainment Corp. chairman Frank Stronach told shareholders Tuesday he expects the company to reach consistent profitability within one to three years through continued development of the company's racetracks and new self-service betting machines he believes will become more popular than slot machines.

Maryland Tracks May Add 'Next Generation' of Betting Machines

  • News

Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course, is considering seeking approval for a plan that would let handicappers bet on live racing from around the country using machines that have a lot of the appeal of slot machines.

MEC Reaches Deal for Gulfstream Redevelopment

  • News

Magna Entertainment Corp. and real-estate company Forest City Enterprises, Inc. will partner on a planned 80-acre development at Gulfstream Park that will include retail and entertainment facilities and a residential village that overlooks the track.

Magna Racino Opens in Austria

  • News

Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.

Brian Tobin Elected Magna Vice Chairman

  • News

The board of directors of Magna Entertainment Corp. announced Wednesday that it has elected Brian Tobin as a director and vice-chairman of the MEC Board. Tobin is the chief executive officer and a director of MI Developments Inc., which is the majority shareholder of MEC.

Battle Brewing Over Proposed Michigan Track

Magna Entertainment Corp. chairman Frank Stronach wants to get things moving with his company's proposed racetrack in Romulus, Mich., but state racing commissioner Robert Geake reiterated Thursday that much remains to be accomplished before any action can be taken.

Magna Spin-off MID Names Tobin CEO

  • News

Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.

MEC Team to Study Racetrack Operations

Magna Entertainment Corp. has established a "continuous improvement" team under the supervision of chief operating officer Don Amos that will conduct an orderly study of the company's racetrack operations.

Frank Talk

By Ray Paulick -- Will 2004 be a turning point for the Frank Stronach-led Magna Entertainment, which frequently has stumbled and struggled since entering the racetrack ownership business in 1998 with its purchase of Santa Anita Park? Also, will Keeneland bring back the July yearling sale and will the Thoroughbred Championship Tour kick off in 2004?

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