A majority of shareholders in MI Developments have agreed to support the transfer of the company's racetracks to Frank Stronach in exchange for the company chairman to relinquish his voting control over MID.
The Reuters News Service is reporting that owner-breeder Frank Stronach is working out a deal in which he would relinquish control of his real estate company in exchange for some of its racetrack assets.
Prominent Thoroughbred breeder-owner Frank Stronach has taken over as chief executive officer of MI Developments, the racetrack operating company of which he is already chairman.
Program will include a $100,000 bonus for a rider that is sponsored by Am-Tote.
Citing the American concept of free enterprise, the owner of Santa Anita and Golden Gate racetracks is seeking more dates and the right to choose when to conduct live racing.
MI Developments notified the Oak Tree Racing Association May 14 that it was ending its lease agreement.
Magna International chairman Frank Stronach has agreed to allow shareholders to vote on eliminating his family's special rights and adopt a single class of stock for the auto parts company.
The second jewel of the Triple Crown will stay in Maryland regardless of what happens to Pimlico while Magna navigates bankruptcy proceedings.
- By Tracy Gantz
Frank Stronach will meet with owners and trainers in California trying to change the framework under which racetracks operate.
Grand opening held Feb. 11 at South Florida track.
Maryland Jockey Club's properties now set to be sold Feb. 23
- By Jim Freer
TrackNet Media Group and the MidAtlantic Cooperative announced Jan. 22 that they have reached an agreement with MidAtlantic members of the simulcast signals of racetracks affiliated with TrackNet
Global Gaming, a subsidiary of the Chickasaw Nation, was granted a racing and gaming license Dec. 22 by the Oklahoma Horse Racing Commission, the Associated Press reported.
Gulfstream Park and Forest City Enterprises on Dec. 9 announced details for their scheduled Feb. 11, 2010 opening of the retail portion of the Village at Gulfstream Park.
Gulfstream Park announced the resignation of Bill Murphy from his posts as president and general manager, effective Oct. 30.
Lone Star Park announced Sept. 15 that it has entered into an agreement with Global Gaming LSP, LLC of Ada, Okla., which is owned by the Chickasaw Nation, designating them as the stalking horse bidder in the sale of Lone Star Park at Grand Prairie.
- By Jack Shinar
An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.
A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.
While Churchill Downs Incorporated will continue to focus on racing as its primary business, its ability to expand into more profitable ventures such as alternative gaming and concerts will be key to future growth.
Thistledown race track in North Randall, Ohio made a required $36,000 payment toward a bond, which allows it to remain open, the Cleveland Plain Dealer reported June 17 on its Web site, cleveland.com.
Earlier this month, Gulfstream Park announced its pledge to donate $10,000 to a pair of National Thoroughbred Racing Association's Charities -- Permanently Disabled Jockeys Fund and the Miami Project to Cure Paralysis.
- By Jim Freer
The Florida Legislature passed a gaming bill May 8 that includes several changes sought by the state's Thoroughbred industry, and a compromise on the contentious issue of table games at the Seminole Tribe of Florida's casinos.
Hialeah Park received a Quarter Horse permit from the Florida Division of Pari-Mutuel Wagering on March 17, with an apparent mandate to begin that racing by March 17, 2010.
Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.
A son of Horse of the Year Tiznow brought $650,000 to top the Barretts sale March 10 at the Hinds Pavilion in Pomona, Calif. Jess Jackson's Stonestreet Stables purchased the colt on a telephone bid from the Wavertree Stables consignment
In a step some racing industry officials expected, Gulfstream Park has told Florida regulators that it plans to hold races during 2009's last five weeks--a lucrative set of dates on which Calder Race Course has raced exclusively in South Florida for more than a decade.
- By Tom LaMarra
Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.
- By Ron Mitchell
Despite mounting losses and lack of investor confidence, executives of racetrack operator Magna Entertainment remain confident the company's fortunes can be reversed.
As the Florida legislature prepares to end its annual session May 2, chances appear very slim that it will pass either of two slot machine bills being sought by the Thoroughbred industry.
Magna Entertainment Corp. said it is "considering all of its legal options" after the Oregon Racing Commission rejected its request to allow installation of Instant Racing gaming terminals at Portland Meadows April 25.
The top three finishers from Aqueduct's Jan. 1 Interborough Handicap, led by Oprah Winney, will meet again in the Barbara Fritchie Breeders' Cup Handicap (gr. II) at Laurel Park Feb. 16.
Frank Stronach covers a variety of topics in this exclusive video interview, including a look at the newly relocated Adena Springs Farm.
As of Jan. 9, HRTV was still not permitted to show races from Aqueduct. The New York State Racing and Wagering Board continues to assess HRTV's application to show video from Aqueduct.
- By Claire Novak
After retiring from racing July 30 due to five fractured vertebrae sustained in a February spill at Aqueduct, Hall of Fame jockey Jose Santos is exploring ways to share his expertise with racing fans and companies.
Magna Entertainment Corp. and two Oregon horsemen groups have agreed to an abbreviated 60-day meet to begin this fall at Portland Meadows.
Youbet reported a loss of $357,000, or one cent a share, in its second quarter, down from income of $2.2 million, or six cents per share, in the year-ago period, the company reported Tuesday.
- By Ray Paulick
By Ray Paulick - The revolving door at Magna didn't start with Neuman. Since Stronach formed Magna Entertainment in February 2000, there have been six CEOs.
Rob Whiteley - The Proposal. Every member of the Thoroughbred family will contribute to industry well-being by immediately investing his or her own money.
Video race replays from Magna Entertainment-owned tracks have been restored by a new contract between TrackNet Media and Post Time Technologies.
A temporary ban on the release of race video replays from Magna Entertainment tracks may continue through the end of the week for Post Time Technologies business partners, which include The Blood-Horse and the National Thoroughbred Racing Association.
- By Tracy Gantz
An upscale mall to be constructed in Santa Anita's main parking lot took a step forward April 17 when the Arcadia City Council unanimously approved the project. The meeting lasted six hours before the council adjourned and then returned for another hour later in the day.
With its proposed Dixon Downs racetrack going before the voters of the town of 17,000 on April 17, Magna Entertainment Corp. has offered to turn the track's 14-acre infield into athletic fields open free to community organizations.
- By Ray Paulick
By Ray Paulick -- Twenty years ago, in the infancy of whole-card simulcasting, there were fears that only the so-called "super tracks" would survive -- those offering the highest-quality racing signals to receiving sites around the country.
By Evan Hammonds - During this year's Preakness weekend at Pimlico, the "Magna Entertainment Experience" surrounding the second jewel of the Triple Crown will not be nearly as enriching. On Jan. 25, the Maryland Jockey Club stuck a fork in the Pimlico Special (gr. I) for 2007.
Bill Murphy has been appointed president and general manager of Gulfstream Park, Magna Entertainment Corp. announced Jan. 10.
The fate of Magna Entertainment Corporation's $250 million state-of-the-art racetrack for Northern California will be decided in a special election April 17 by the city of Dixon, a town of 17,500 residents 19 miles west of Sacramento.
- By Ryan Conley
Touting their new advance deposit wagering enterprise as one developed "by players for players," backers of Premier Turf Club hope to reel in dollars currently being wagered with entities that operate outside the pari-mutuel arena.
Magna, a half-brother to champion Eliza, will stand at Diamond J Stables near Millstadt, Ill.
- By Jack Shinar
It didn't take long for foes of the Dixon Downs racetrack in Northern California to attack plans for the $250 million Magna Entertainment project approved by the Dixon City Council on Oct. 23. Already, a citizen group has turned in petitions seeking a referendum to overturn the action, and on Nov. 21, the nearby city of Davis filed a lawsuit aimed at mitigating the development's impact on the region.
MI Developments reported a steeper third-quarter loss Nov. 9, despite a 31% jump in revenue, hampered partly by weakness in its horse racing and gambling unit, Magna Entertainment.
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