The president of Magna Entertainment Corp. said Dec. 10 the company would like to be part of a new organization -- Friends of New York Racing -- which hopes to reconstruct the economic model for racing in the state and perhaps seek the franchise to operate Aqueduct, Belmont Park, and Saratoga.
Magna Entertainment Corp. president Jim McAlpine said the company is ready for change and part of that change includes forming more partnerships with other industry players to propel horseracing into the winner's circle.
With membership contracts set to expire at the end of 2005, the National Thoroughbred Racing Association is formulating a long-range strategy that is expected to rely on dues in some form. Meanwhile, the search for a chief executive officer won't begin until the master plan is in place.
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.
California voters stomped a statewide racetrack/card parlor slot machine initiative Nov. 2, with the complicated measure garnering support of less than 20%.
Michigan voters effectively sounded the death knell for racinos in the state when they passed the anti-gambling Proposal 1 by a 58%-42% margin with 98% of precincts reporting.
Tim Capps, executive vice president of the Maryland Jockey Club, will end his second stint at the Maryland tracks Oct. 31.
XpressBet received a license from the Washington Horse Racing Commission to become the second authorized advance deposit wagering provider in the state Oct. 14.
The Maryland Jockey Club announced Oct. 8 that it intends to extend the current Pimlico meet until mid-December, with the re-opening of Laurel Park scheduled for Dec. 26. The current Pimlico stand was tentatively scheduled to end on Nov. 2.
A controversial plan to increase the scale of weights for Thoroughbreds racing in California has been delayed until at least Dec. 2. But an attorney for the Jockeys' Guild, which is pushing the proposal, said riders remain determined to see it adopted.
Magna Entertainment Corp. has expressed it intentions to bid on the lease of Cal Expo in Sacramento, Calif., and take over the 10-month-long Standardbred meet.
MI Developments, which owns 59% of the equity in Magna Entertainment Corp., announced Thursday that it will not proceed with plans to take the racetrack conglomerate private by acquiring all outstanding shares.
Magna Entertainment Corp. and Pepsi-Cola North America have
signed a multi-year sponsorship agreement to exclusively serve Pepsi-Cola products at 13 MEC racetracks in North America.
Pimlico Race Course will remain open for live racing until at least Nov. 2 while work continues on the racing surfaces at Laurel Park.
Michael Gilligan has been hired as the new vice president of marketing and sales for Santa Anita Park, parent company Magna Entertainment Corp. announced Sept. 7.
M. Douglas Young has been appointed lead director of MI Developments' board of directors, the company announced Sept. 2. MID is a Magna company that is seeking to purchase the stock of Magna Entertainment Corp.
Pimlico Race Course in Maryland ended its 16-day summer meet Aug. 27 with a 10% decrease in average daily total handle. The 2004 meet was six days shorter than the corresponding 2003 meet, though it included four more simulcast-only days.
Magna Entertainment Corp. has sold Great Lakes Downs in a lease-back deal that will allow it to operate a live Thoroughbred meet at the western Michigan facility and pursue plans for Michigan Downs, a proposed racetrack in the Detroit metropolitan area.
The Pennsylvania Horse Racing Commission has finalized at five the number of applicants seeking the final Thoroughbred racing license in the state. Only four applicants hit an informal Aug. 16 deadline to apply for the last license, but Magna Entertainment Corp. has reiterated its interest in building a track near Pittsburgh International Airport.
In a move that could have significant implications for the slate of Triple Crown prep races, Gulfstream Park may revamp its schedule of 3-year-old stakes and delay by three weeks the 2005 Florida Derby (gr. I).
A California Field Poll finds that Proposition 68, an initiative that could bring slot machines to 16 racetracks and card rooms in the state, has lost significant ground since an initial polling in May.
Thistledown, the Magna Entertainment Corp.-owned racetrack that has battled for years over simulcasts with a neighboring harness track, received approval Aug. 10 from the Ohio State Racing Commission to import races it hasn't been able to take because of state law.
Michigan Racing Commissioner Robert Geake said Aug. 9 he would authorize the transfer of the license for Great Lakes Downs near Muskegon from MI Racing Inc., a fully owned subsidiary of Magna Entertainment Corp., to Richmond Racing.
Magna Entertainment Corp. recorded a net loss of $25.4 million in the second quarter of 2004, but officials said the company continues to "see meaningful results" from cost-cutting initiatives and the work of its Continuous Improvement Team.
Magna Entertainment Corp. is still willing to partner with the New York Racing Association, but it is also pursuing its own move into the New York marketplace in case NYRA isn't serious about a merger, MEC president Jim McAlpine said.
National Thoroughbred Racing Association commissioner Tim Smith tendered his resignation as expected July 27, but there was no announcement that Smith had taken a job as president and chief executive officer of the New York Racing Association.
Hope that passage of slot machine legislation in Pennsylvania would result in a new Thoroughbred racetrack near Pittsburgh seems futile. Negotiators with knowledge of the bill signed into law July 5 by Gov. Ed Rendell said a stand-alone slots parlor in downtown Pittsburgh is much more likely.
Groups for and against the proposed transfer of Michigan's Great Lakes Downs racing license had their say at a state racing commission hearing in Lansing July 29. And what they said was nothing more than expected.
The rebuilding of Gulfstream Park continued June 29 when workers took down the roof above the Hallandale, Fla., racetrack's grandstand.
The proposed transfer of the racetrack license held by Great Lakes Downs to Richmond Racing is scheduled to be June 29 by the Office of Michigan Racing Commissioner.
The Maryland Racing Commission June 8 narrowly gave the go-ahead to Magna Entertainment Corp., parent company of the Maryland Jockey Club, to begin rebuilding the turf and dirt tracks at Laurel Park despite strong objections by horsemen.
The court-appointed monitor that oversees New York Racing Association operations has moved into NYRA racetracks and conducted briefing sessions with everyone from board members to hot walkers.
New York Gov. George Pataki May 27 proposed a complete overhaul of racing laws in the state, a move that would block the New York Racing Association's bid to get its racetrack franchise extended this year, and provide incentives to get video lottery terminals in operation at Aqueduct.
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.
Doug Donn, who since 1969 served in a variety of capacities at Gulfstream Park, ended his 35-year affiliation with the track by tendering his resignation as chairman of the board of the Gulfstream Park Racing Association.
Employees at Magna Entertainment Corp.'s Standardbred track Flamboro Downs have set a strike deadline of midnight Tuesday in response to what it called MEC's "attempt to intimidate workers into dropping key demands" during collective bargaining negotiations.
Maryland racing officials and politicians really didn't make any excuses during the May 13 Alibi Breakfast at Pimlico Race Course. Instead, they called on the racing industry to do everything it can to facilitate a turn of fortunes for horse racing in the state.
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.
The New York Racing Association and Magna Entertainment Corp. again are discussing merger possibilities, two months after the NYRA board flatly rejected a bid by Frank Stronach's company to become financial partners.
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.
Not near a racetrack or OTB? Want to bet the Preakness? Then you'll need to open an account with XpressBet, the wagering platform of Pimlico Race Course owner Magna Entertainment Corp.
Tampa Bay Downs, the only Thoroughbred racetrack on Florida's Gulf Coast, continued to make forward strides during its 2003-04 meet with substantial gains in attendance and handle.
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.
Profits at Pimlico Race Course fell almost 58% in 2003, according to a financial report filed with the Maryland Racing Commission.
Chalk up an added entry in the already crowded field to build a Thoroughbred racetrack in the Detroit metropolitan area.
The pari-mutuel industry April 9 officially acknowledged an initiative designed to upgrade the infrastructure of wagering systems and improve security and network capabilities.
Signaling changes to come, the Bay Meadows Land Company submitted a separate proposal for the 2005 racing schedule in the northern half of the state to the California Horse Racing Board dates committee Thursday.
Magna Entertainment Corp. chief executive officer Jim McAlpine received a $200,000 bonus last year for his "contribution to the growth and development of MEC during fiscal year 2003," according to proxy material being circulated.
Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.
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