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.
The Aurora, Ontario-based Magna Entertainment Corp., one of North America's leading owners of major horseracing tracks, announced Tuesday that its third quarter losses reached $50.3 million.
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
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.
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.
Janice and Robert McNair of Stonerside Stable will stand their multiple grade I winner Congaree in 2005 at Frank Stronach's Adena Springs near Midway, Ky.
Millionaire Running Stag and Irish group winner Bernstein were represented by their first winners June 5
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.
- By Jack Shinar
A California developer revealed plans Thursday to build residential and retail centers at Magna Entertainment Corp.'s two California tracks, Santa Anita Park and Golden Gate Fields.
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.
- By Victor Ryan
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.
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.
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, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.
Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.
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.
Following the record-setting trend of this year's juvenile market, the Adena Springs auction generated its highest ever figures for gross revenue, average price, and median price Thursday during its third edition.
- By Victor Ryan
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.
- By Tom Precious
The New York Racing Association board of trustees has rejected a bid by Magna Entertainment Corp. to become financial partners, NYRA chairman Barry Schwartz said.
Belinda Stronach, daughter of Magna International owner Frank Stronach, won the Conservative Party nomination in Canada March 9 over Lois Brown, a long-time Canadian Alliance worker.
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.
- By Victor Ryan
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.
There is plenty of sunshine in the final tally from last weekend's Sunshine Millions according to a press release issued by Magna Entertainment Corp. MEC reports the second running of the Sunshine Millions eclipsed last year's successes, both on track and in the home.
Sunshine Millions on-track attendance Saturday showed a combined 22% increase over the inaugural 2003 running of the series at Gulfstream and Santa Anita parks.
The electricity that once rippled throughout Gulfstream Park each winter has moved north to Palm Meadows training center in Boynton Beach, where many of the country's top 3-year-olds prepare in style for their arduous journey to Churchill Downs.
The 4-year-old filly, Pesci, is looking to upstage her Academy Award winning owner and namesake, Joe Pesci, when she goes to the post against older fillies and mares in the Jan. 24 Sunshine Milions Ocala Breeders' Sales Distaff at Gulfstream Park.
Adena Springs, with earnings of $11,550,052, heads the list of leading individual breeders in North America in 2003, according to statistics released Monday by The Jockey Club Information Systems, Inc.
La Galerie, a champion in Argentina, brought $800,000 Monday as the Keeneland January mixed sale's opening session approached the midway point.
Forever Partners, winner of the 2002 Colleen Stakes, sold for $410,000 Monday during the first few hours of the Keeneland January horses of all ages sale in Lexington.
Thoroughbred horse owner-breeder Frank Stronach could reassume his role as chief executive officer of auto-parts manufacturer Magna International if his daughter Belinda is elected to public office in Canada.
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?
Good food, lively conversation, and quality mares at reasonable prices punctuated the seventh annual Adena Springs Broodmare Auction held Nov. 6 at Fasig-Tipton Kentucky's Newtown Paddocks near Lexington.
Frank Stronach has purchased grade I turf winner Sligo Bay for stallion duty at his Adena Springs Kentucky near Midway.
Frank Stronach's Adena Springs announced the retirement of millionaire Milwaukee Brew and an increase in Awesome Again's fee to $75,000.
Glorious Song, who achieved notable success as a racemare and broodmare, was euthanized over the summer in England.
Randy Bradshaw has been hired as a farm trainer by Frank Stronach's Adena Springs operation.
Stronach Stables' Ghostzapper unleashed a devastating stretch run to romp to a 6 1/2-length victory in Saturday's $500,000 Vosburgh (gr. I), missing the track record at Belmont Park by a fifth of a second.
Macho Uno, the 2000 champion juvenile colt, has been retired and will stand in 2004 at Frank Stronach's Adena Springs near Ocala, Fla. No stud fee was announced.
Grade II winner Wrangler, an Adena Springs homebred for Frank Stronach, will enter stud at Adena Springs Kentucky near Midway.
Grade I winner Carson Hollow, a three-time New York champion of 2002 for Frank Stronach and partners, died Aug. 25 following colic surgery at Ontario Veterinary College in Canada,
Milwaukee Brew, one of only two horses to win multiple runnings of the Santa Anita Handicap (gr. I), injured an ankle during Sunday's running of the Pacific Classic (gr. I) and will not race again this year.
Thoroughbred racing got plenty of television exposure Aug. 22 during the three-hour "Squawk Box" program on cable network CNBC--and so did two racing executives who have been at odds in recent years.
Breeders' Cup Ltd. elected 13 members to its board of directors through the proportional shareholder voting system by Breeders' Cup foal and stallion nominators.
Magna Entertainment Corp., the originator of the Sunshine Millions, announced Aug. 13 that it has signed an agreement extending the Florida-California Thoroughbred series through 2006.
A $1.5-million deal is in the works for the purchase of Adena Springs stallion Wild Rush by a Japanese syndicate.
Bobby Frankel has almost done it all as a trainer. He's won the last three Eclipse Awards as North America's top trainer to go with the one he earned in 1993. He joined the pantheon of greats while being inducted into the Hall of Fame in 1995. He now has a classic win in his back pocket as the result of Juddmonte Farms' Empire Maker's win in the Belmont Stakes (gr. I).
Carson Hollow, New York's 2002 Horse of the Year, suffered a chip in her left knee and might miss the remainder of the year. She is scheduled to undergo surgery at Rood and Riddle Equine Hospital near Lexington, Ky.
Magna Entertainment Corp. will sell an additional $100 million worth of convertible notes at an annual interest rate of 8.55% through June 2 in hopes of gaining additional capital.
Former President Bill Clinton, among those packed into Pimlico's Turf Club on Preakness Day, predicted New York-bred Funny Cide, winner of the Kentucky Derby (gr. I), would also win the Visa Triple Crown's second jewel.
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