Magna Entertainment Corp

News, Articles, Videos and other content about Magna Entertainment Corp

Maryland Panel Upholds Live Racing Contract

The Maryland Racing Commission upheld the live racing contract between the state horsemen's organization and the Maryland Jockey Club Oct. 6 after Magna Entertainment Corp., which owns the MJC, proposed slashing the number of live racing dates at Laurel Park and Pimlico Race Course in 2006.

'Big Three,' Others to Renew NTRA Membership

The three major racetrack operators -- Churchill Downs Inc., Magna Entertainment Corp., and the New York Racing Association -- have confirmed along with other racing associations and horsemen's groups the renewal of their membership in the National Thoroughbred Racing Association.

NTRA Approaches Critical Point on Memberships

With 2006 a little more than three months away, the National Thoroughbred Racing Association continues to push for membership renewals and seek new members in advance of its annual meeting, scheduled for Oct. 10-12 in Lexington.

Maryland in Turmoil Over Plan to Slash Dates

  • News

Maryland Jockey Club president and chief executive officer Joe De Francis created the picture of a locomotive bearing down on Maryland in the form of Pennsylvania slot machines as he encouraged the Maryland Racing Commission to accept a plan from Magna Entertainment Corp to cut live racing dates from 220 to 112 in 2006.

Magna Sells Management Interest in Colonial Downs

  • News

Magna Entertainment Corp. and Colonial Downs, L.P. announced Thursday they have entered into an agreement under which Colonial LP will acquire all of the outstanding shares of Maryland- Virginia Racing Circuit, Inc., a subsidiary of Magna Entertainment.

MEC Hopes to Identify Partners This Year

Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.

Officials Knock Heads Over Racing Franchise

The battle over the franchise to run three New York racetracks got off to an unofficial start Aug. 2 when officials with the New York Racing Association and Magna Entertainment Corp. sparred during an Albany Law School symposium.

Magna Announces Recapitalization Plan

  • News

Magna Entertainment announced a recapitalization plan July 22 that includes two binding loan agreements with its subsidiary, MI Developments. The plan also includes a bridge loan that a Magna press release said "will permit us to proceed with an orderly marketing and sale of non-strategic real estate, racetracks, and other assets."

New Turf Series Could Grow to $10 Million

The owner of Colonial Downs hopes the new "Grand Slam of Grass" is eventually worth $10 million and said two turf stakes at the Virginia racetrack that are part of the series would each be worth $1 million in 2006.

Florida Lawmakers Differ on Slots, Tax Rate

The Florida House voted May 2 to limit Broward County pari-mutuel facilities to bingo-based gambling machines rather than traditional slot machines and to take 55% of the revenue in taxes. The Senate, meanwhile, wants regular slot machines and a much lower tax rate.

MEC Banks on Profitability--and Slots--by 2007

Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.

Magazine Drops Ads From Offshore Entities

  • News

The HorsePlayer magazine, a handicapping periodical launched in 1994 and published six times a year, said March 29 it would no longer accept advertisements from offshore wagering hubs for its magazine or Web site. The decision is effective immediately.

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.

CEO Says MEC Must First Improve Balance Sheet

Magna Entertainment Corp. must establish a stronger balance sheet before it considers expansion or the acquisition of other racing and gaming properties, said Thomas Hodgson, the newly appointed chief executive officer of the company.

MEC Files Countersuit in Oregon

Attorneys for Magna Entertainment Corp. filed countersuit in Multnomah County Circuit Court in Oregon Feb. 18 to formally answer a $1-million breach-of-contract action brought against the company by the Oregon Greyhound Association.

California Pari-Mutuel Clerks' Rep Outlines Tote Problems

Pari-mutuel clerks in California said they are experiencing numerous problems with the state's tote system machinery and are concerned with the racing board's consideration of eliminating a four-second cancellation delay that gives them a last-gasp chance to correct a mistake.

Maryland Industry Issues Plan to Revitalize Racing

The Maryland racing industry has signed off on a plan to revitalize the sport should legislators approve alternative gaming. Though efforts to win approval for racetrack slot machines have stalled in recent years, a key legislator said the plan represents progress.

Single Magna 5 Ticket Nets $406,985

The Magna 5, a $2 pick five wager linking races from four racetracks in an hour, kicked off its second year by paying $406,985.80 to one winner Saturday. The winning ticket was purchased at Hollywood Park.

Bay Meadows Signal Expands to TVG

The Bay Meadows racing signal will be available to all three legal account deposit wagering companies in California when the Bay Area track opens for business under new management Feb. 2.

Oklahoma Regulators Preparing Gaming Rules

  • News

Gaming at Oklahoma racetracks is closer to reality, Oklahoma Horse Racing Commission officials said Jan. 27 during their monthly meeting. Rules that would govern alternative gaming will be formulated in a month, they said.

Greyhound Group Sues MEC Over Multnomah

The Oregon Greyhound Association filed a $1-million lawsuit against Magna Entertainment Corp. Jan. 20, alleging breach of contract for the company's failure to renew its operating lease for Multnomah Greyhound Park and for canceling the 2005 dog racing season.

Portland Cancels Racing Again Sunday

With no thaw in temperatures in the Portland metropolitan area, Portland Meadows Racetrack has canceled its live racing program Sunday for the second time in as many days due to frozen track conditions.

Rain Cancels Gulfstream Card

Racing was cancelled midway through Friday's 10-race program at Gulfstream Park when heavy rains and an impending severe lightning storm just to the North of the Hallandale Beach oval threatened the safety of horses, jockeys and patrons.

Big 'Cap Auction to Benefit Tsunami Victims

  • News

Santa Anita Park joins the worldwide relief effort to aid the victims of the massive Indian Ocean tsunami by auctioning off a special day at the races on March 5, Santa Anita Handicap day.

Comcast to Carry HRTV in Maryland, So. Cal

HorseRacing TV (HRTV), a subsidiary of Magna Entertainment Corp. (MEC) announced Dec. 16 it had signed a multi-year agreement that provides for HRTV to appear on Comcast systems as part of a digital sports package.

Most Popular Stories