Magna Entertainment Corp

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MEC Racetrack Sales Moving Along Slowly

MEC Racetrack Sales Moving Along Slowly

The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.

Auction of Santa Anita, Lone Star Withdrawn

Auction of Santa Anita, Lone Star Withdrawn

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.

MEC Parent Asks to Sell Remington for $80M

MEC Parent Asks to Sell Remington for $80M

MI Developments, parent company of Magna Entertainment Corp., said Aug. 12 debtors filed a motion seeking court approval to sell MEC-owned Remington Park Racing & Casino in Oklahoma to a third party for $80.25 million pending "higher and better offers."

ADWs Grab Larger Share in First Quarter

Led by strong performances from Twinspires.com and Youbet.com, collective handle for the four largest domestic advance deposit wagering platforms increased by roughly 15% in the first quarter of the year, while their overall share of the national betting pie grew by more than 2%.

Bid for MEC Properties Dropped by Parent

Bid for MEC Properties Dropped by Parent

MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.

State, City Seek to Protect Preakness

State, City Seek to Protect Preakness

Mounting a defense for the Preakness Stakes (gr. I) at Pimlico Race Course, the state of Maryland and the city of Baltimore went to court March 27 to keep the second leg of the Triple Crown in the state because of uncertainties raised by the bankruptcy of Pimlico owner Magna Entertainment Corp.

MEC 2008 Loss Highest in Company History

One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.

Hollywood Park to Race Through 2009

Hollywood Park to Race Through 2009

The California Horse Racing Board got a bit of good news March 19 when the president of Hollywood Park assured commissioners that it would run its 2009 fall/winter meet as planned. The board also received an update on bankruptcy developments from Magna Entertainment Corp.

MEC Bankruptcy Fallout Hits Ohio Track

MEC Bankruptcy Fallout Hits Ohio Track

The Ohio State Racing Commission ruled March 19 that Thistledown's racing permit will be suspended as of March 28 if parent company Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection March 5, fails to renew a $1-million bond.

Frankly Speaking: Stronach on Magna

Frankly Speaking: Stronach on Magna

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.

Adena Springs Sale Median Rises 28.6%

Adena Springs Sale Median Rises 28.6%

The Adena Springs sale of 2-year-olds in training bucked the downward trend in the Thoroughbred marketplace in one important statistical category. The median price rose 28.6% from a year ago during the eighth edition of the auction, which was held March 16 at Adena Springs South near Williston, Fla.

Magna Files for Chapter 11 Bankruptcy

Magna Files for Chapter 11 Bankruptcy

Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.

Gulfstream Retail Development Progresses

Magna Entertainment Corp. and partner Forest City Enterprises announced Feb. 26 the first 32 tenants for the retail portion of their The Village at Gulfstream Park development. Plans for the $1.2-billion complex, adjacent to Gulfstream's clubhouse/casino building, include a hotel and condominiums on the property in Hallandale Beach, Fla. Meanwhile, officials are reluctant to speculate on a possible bankruptcy filing by MEC.

National HBPA, Stronach Work on Charter

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National HBPA, Stronach Work on Charter

Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.

Laurel Slots Bid Called Into Question

In a jaw-dropping revision, Maryland received requests for far fewer slot machines in five license proposals than previously thought, and two of the six bidders -- including Laurel Park owner Magna Entertainment Corp. -- failed to pay $22.5 million in required up-front fees, a state official said Feb. 3.

MEC Has Deal to Break From Shareholder

Magna Entertainment Corp. announced Nov. 26 an agreement with MI Developments, the company's controlling shareholder, which will allow it to "recapitalize and reposition MEC to enable it to pursue its strategy of horse racing, gaming, and entertainment on a standalone basis."

MEC Adopts Anti-Slaughter Policy

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Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.

MEC Working With THG on Pricing Model

MEC Working With THG on Pricing Model

Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.

Magna Official Says He Will Step Down

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.

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