Magna Entertainment Corp

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MEC Wants to Be Friend of New York Racing

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.

McAlpine: Industry Needs Change, Vision

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.

For NTRA, Membership Scheme a Priority for 2005

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.

Passage of Michigan Proposal Hinders Racing

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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.

XpressBet Approved in Washington

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XpressBet received a license from the Washington Horse Racing Commission to become the second authorized advance deposit wagering provider in the state Oct. 14.

Pimlico Meet Extended; Laurel to Reopen Dec. 26

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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.

Jockeys' Guild Continues Push on Scale of Weights

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.

MI Developments Won't Buy Out Magna

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.

MI Developments Names 'Lead Director'

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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 Meet Ends With Decline in Handle

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.

MEC Sells Great Lakes Downs in Lease-Back Deal

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.

Magna Back in Hunt for Pennsylvania Track License

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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.

Thistledown Wins a Battle in Simulcast War

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.

Magna Posts Losses But Growth Plan Continues

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.

MEC Has Plans--With or Without NYRA

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.

Smith Resigns From NTRA; No Word on NYRA Job

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 for New Thoroughbred Track Seems Dim

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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.

Some For, Some Against Michigan License Transfer

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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.

Laurel Park Project to Force Relocation of Horses

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.

Consolidation of Racing, Gaming Sought in New York

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.

Donn Resigns as Chairman of Gulfstream

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.

Workers at MEC's Flamboro Downs Set Strike Deadline

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 Officials: Help Needed to Protect Industry

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.

MID Turns Profit in First Quarter

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.

Merger Talks Between NYRA, Magna Resume

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.

Stronach Tells Shareholders MEC is Turning Corner

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.

Maryland Tracks May Add 'Next Generation' of Betting Machines

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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.

MEC Reaches Deal for Gulfstream Redevelopment

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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.

Bay Meadows, Magna Dispute 2005 Dates

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.

McAlpine Among MEC Execs Receiving Bonuses

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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 Opens in Austria

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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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