A subsidiary of the Chickasaw Nation of Oklahoma received court approval Oct. 28 to buy Magna Entertainment Corp.'s Lone Star Park horse track in Texas, albeit for $20 million more than the tribe first thought it would spend.
Thursday, October 29, 2009
Ed Seigenfeld will step down as executive vice president of Triple Crown Productions (TCP) at the end of August. He has led the organization since March 1990, overseeing the Chrysler and Visa sponsorships of the Triple Crown and managing the network television negotiations for the series.
Monday, July 06, 2009
Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
Friday, May 08, 2009
Magna Entertainment Corp. submitted a new court plan May 1 to auction off some of its racetracks, including Santa Anita Park, as part of its Chapter 11 bankruptcy reorganization.
Saturday, May 02, 2009
Magna Entertainment Corp. is asking a Delaware bankruptcy judge to approve an agreement to keep this year's Breeders' Cup World Championships at Santa Anita Park even if the California track ends up in the hands of a new owner.
Friday, April 24, 2009
The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.
Thursday, April 16, 2009
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
Tuesday, April 07, 2009
Technology entrepreneur Halsey Minor said on April 3 that he has submitted a bid to Magna Entertainment Corp. under which he would buy substantially all of that bankrupt company's assets except Gulfstream Park in Hallandale Beach, Fla.
Saturday, April 04, 2009
Magna Entertainment Corp. received an additional $2.5 million in interim financing to continue its operations through the initial stages of its bankruptcy reorganization April 3 after apparent agreements were reached with some of its objecting creditors
Friday, April 03, 2009
Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.
Thursday, April 02, 2009
Churchill Downs Inc. has moved to protect its interest in joint ventures with bankrupt Magna Entertainment Corp. by joining in a flurry of objections filed recently in a Delaware federal court.
Saturday, March 28, 2009
Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.
Friday, March 27, 2009
Magna Entertainment Corp. announced March 26 that it will not be filing its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2008, nor will it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor in possession under the U.S. Bankruptcy Code.
Thursday, March 26, 2009
A trio of large domestic advance deposit wagering companies is facing a shut-off of operations in Maryland unless a new agreement for revenue sharing is reached, the Maryland Racing Commission said recently.
Thursday, March 19, 2009
A judge signed an interim order March 13 allowing Magna Entertainment Corp. to borrow $13.4 million to continue its operations during the early stages of the company's bankruptcy reorganization, though final approval for the lending facility won't be authorized until an April 3 hearing.
Saturday, March 14, 2009
Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.
Thursday, March 12, 2009
The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.
Tuesday, March 10, 2009
Magna Entertainment Corp., which recently filed for Chapter 11 bankruptcy reorganization, received notice March 9 its Class A shares would be delisted frolm the Nasdaq stock exchange effective March 16.
Monday, March 09, 2009
Magna Entertainment Corp. claims it owes more than $235 million to its largest 50 unsecured creditors, including many prominent names in the Thoroughbred racing and breeding industry.
Friday, March 06, 2009
Gulfstream Park said its average daily all-sources handle rose 3.6% and that its average daily on-track handle was up 7.2% during this year's first two months.
Friday, March 06, 2009
Several assets owned by Magna Entertainment Corp. will apparently be offered separately for sale from a $195-million "stalking horse bid" its parent company has tendered in relation to MEC's Chapter 11 bankruptcy filing March 5.
Friday, March 06, 2009
Magna Entertainment Corp. will be delisted from the Toronto Stock Exchange starting in April, the company announced March 3.
Tuesday, March 03, 2009
Magna Entertainment Corp. has been informed by PNC Bank that it is in default on a loan agreement involving four Maryland entities the company owns.
Friday, February 27, 2009
Anthony R. Campbell has resigned as a director of the board of Magna Entertainment Corp., the third director to leave the company in a month, and the second in the span of five days. In separate filings with the Securities and Exchange Commission, company officials said they were engaged in discussions over potential "in-court or out-of-court" reorganizations.
Wednesday, February 25, 2009
A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.
Tuesday, February 24, 2009
The state of Maryland is challenging Magna Entertainment Corp.'s claim that the state's slots bidding process is unconstitutional.
Tuesday, February 24, 2009
Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.
Thursday, February 19, 2009
Magna Entertainment Corp. has filed a lawsuit over its rejected bid for a slots license in the state of Maryland, and is asking a state circuit court to grant injunctions stopping the process from going forward until its legal challenges have been resolved.
Friday, February 13, 2009
A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.
Tuesday, February 10, 2009
TrackNet Media Group is poised to cut off its signals to more than 80 Nevada casinos Jan. 7 unless a new agreement is met for what the content company feels are more equitable fees.
Monday, January 05, 2009
Gulfstream Park is hoping that a move to a five-day race week will help produce larger fields and attract more live fans and other bettors on days that have proven more popular than its newly-dark Mondays.
Tuesday, December 23, 2008
Remington Park in Oklahoma recently completed its 20th season of Thoroughbred racing with a record purse disbursement and increased attendance, but followed national trends with a decline in most wagering statistics.
Thursday, December 18, 2008
Cushion Track has answered speculation it would add third-party defendants to it case with the Los Angeles Turf Club, charging several contracted companies with fault in the development of the former troubled synthetic surface at Santa Anita Park.
Monday, December 08, 2008
Confirmation of a plan allowing the Jockeys' Guild to emerge from bankruptcy was delayed for at least a couple of weeks during a Nov. 17 hearing in a Kentucky federal court, but the judge presiding over the Chapter 11 reorganization said he expects to approve the necessary order when it crosses his desk.
Tuesday, November 18, 2008
Despite the earlier announcement that Magna Entertainment Corp. had a quarterly loss of $48.4 million and is seeking to sell core assets, including one or more of its top racetracks, management of the company that holds 60% equity interest in MEC continues to be optimistic of a turnaround.
Friday, November 07, 2008
Magna Entertainment Corp. reported a $48.4 million dollar loss in its third financial quarter and announced a financial adviser had been hired to possibly sell one of its core racetracks.
Thursday, November 06, 2008
One old betting axiom -- "shut out at the window" -- has taken on a whole new meaning when paired with a relatively new one in the racing industry lexicon: "signal wars."
Wednesday, November 05, 2008
Magna Entertainment Corp. said Nov. 4 it was not sure why its stock price had more than doubled in the last two days of trading on the NASDAQ exchange.
Tuesday, November 04, 2008
Magna Entertainment Corp. has announced the termination of a purchase agreement to sell 489 acres of land near Ocala, Fla., it was announced Nov. 3.
Tuesday, November 04, 2008
The federal lawsuit against Cushion Track and affiliates over the former synthetic racing surface at Santa Anita Park is geared to go forward after a judge recently denied most of the defendants' request for dismissal.
Thursday, October 30, 2008
San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.
Monday, October 20, 2008
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
Tuesday, September 30, 2008
The Portland Meadows meet, which looked for a time like it might be canceled, is scheduled to kick off Oct. 5, despite ongoing issues in Oregon.
Monday, September 22, 2008
Technology entrepreneur Halsey Minor has sent Hialeah Park owner John Brunetti a plan on the potential cost of rebuilding and operating the race track.
Wednesday, September 17, 2008
Remington Park announced that effective Friday, Sept. 19, all overnight purses will be increased approximately 5%. The Oklahoma Derby, the track's marquee Thoroughbred event, will now carry a purse of $350,000, a new all-time high for the race to be contested Sunday, Oct. 19.
Wednesday, September 17, 2008
A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.
Wednesday, August 27, 2008
Turfway Park said Aug. 20 it has received horsemen's consent to distribute its racing signal for the upcoming fall under the auspices of the present exclusive agreement with TVG, thus ending any speculation of a standoff similar to those plaguing other tracks.
Wednesday, August 20, 2008
Magna Entertainment Corp. has announced it has reached an agreement to sell land once designated by its founder for racetrack development in Ocala, Fla., for $16.5 million.
Tuesday, August 12, 2008
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
Wednesday, August 06, 2008
Hialeah Park owner John Brunetti is looking forward to meeting with prospective buyer Halsey Minor about what he calls multiple "hurdles" to returning racing to the historic track that last held a meet in 2001.
Thursday, July 31, 2008
