Magna Entertainment Corp

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Magna Racino Opens in Austria

  • News

Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.

In Florida, Industry Not on Same Legislative Page

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The Florida Thoroughbred Breeders' and Owners' Association, which believes the state's racing industry is at a crisis stage, has released an aggressive legislative agenda that takes aim at laws its says create an uneven playing field with other gambling entities. Still, it appears there isn't industry consensus on just how to proceed.

Brian Tobin Elected Magna Vice Chairman

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The board of directors of Magna Entertainment Corp. announced Wednesday that it has elected Brian Tobin as a director and vice-chairman of the MEC Board. Tobin is the chief executive officer and a director of MI Developments Inc., which is the majority shareholder of MEC.

MEC's Losses Hinder Parent Company MI Developments

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MI Developments, a publicly traded real-estate company that owns 59% of the equity in Magna Entertainment Corp., reported big losses during the fourth quarter of 2003 largely as a result of MEC's poor financial performance.

Roussel Offers $30 Million for Fair Grounds

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Louie Roussel III, who owned a controlling interest in Fair Grounds until 1990, is the latest to make an offer for the New Orleans track. A week after Churchill Downs Inc. bid $28.5 million for Fair Grounds, Roussel upped the offer to $30 million, according to published reports.

Oklahoma Gaming Bill Signed Into Law

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Oklahoma Gov. Brad Henry signed a bill Monday that allows electronic gaming machines at three racetracks in the state. A bill-signing ceremony was scheduled for Tuesday.

AmericaTab Chief: 'Fragmented Industry' Must Change

The president of a growing account wagering service said handle declines at major winter meets aren't good for racing, and he suggested it's time for a "fragmented industry" to move forward in the best interests of its customers, racetracks, and horsemen.

Magna Spin-off MID Names Tobin CEO

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Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.

MEC Team to Study Racetrack Operations

Magna Entertainment Corp. has established a "continuous improvement" team under the supervision of chief operating officer Don Amos that will conduct an orderly study of the company's racetrack operations.

Magna's Bedding Plant Set for Launch

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Magna Entertainment Corp.'s straw-processing plant in North Carolina, which will produce bedding for Magna's stable of racetracks, is expected to begin production late next week.

MEC: Recent Moves Designed to Benefit Tracks, Horsemen

Magna Entertainment Corp.'s top executive admitted the company has taken plenty of heat for recent business decisions tied to account wagering and rebate shops, but he indicated the racing conglomerate wouldn't apologize for a strategy he said is designed to benefit the industry in the long term.

Double-Digit Gains Galore at Tampa Bay Downs

Tampa Bay Downs continues to make sizable gains in terms of its live signal and on-track attendance, but on-track simulcast revenues are down because of a conflict involving Magna Entertainment Corp. and the New York Racing Association.

Magna Makes Moves on Michigan Downs

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Magna Entertainment Corp. removed another obstacle to bringing Thoroughbred racing back to the Detroit area on Tuesday when it applied to transfer its Great Lakes Downs racing license to a Delaware corporation.

Fans Get Chance to Offer Views at Santa Anita

Fans who attend the races at Santa Anita Park can now have their thoughts and ideas, as well as complaints and suggestions, heard by members of the racetrack's management team thanks to a new "Fan's Feedback Forum" held every Sunday at noon in the track's East Paddock Gardens immediately following handicapping seminars.

AmericaTab Handle Jumps Despite MEC Blackout

Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

AmericaTab Handle Jumps Despite MEC Blackout

Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

MEC Move Creates Account-Wagering Dilemma

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Magna Entertainment Corp. initiated restrictions upon or pulled its live racing signals from most account-wagering services effective Dec. 26, and at least one operator isn't happy about the developments.

Portland Meadows Handle Highest in About 15 Years

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Changes in first post time and fuller fields have produced pari-mutuel gains this season for Portland Meadows, which on Dec. 1 cleared the half-million-dollar mark in total handle for a program for the first time in 15 years.

Michigan Sets Racing Schedule for 2004

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Great Lakes Downs, Michigan's only all-Thoroughbred racetrack, was awarded 118 days of racing in 2004 under an order signed by Michigan racing commissioner Robert Geake.

Rebating, Graded-Stakes Mandate Complicate Licensing

Despite concerns the association's signal would be sent to wagering outlets that offer rebates, and the fact there is no contract yet with horsemen, the California Horse Racing Board Oct. 23 approved an application by the Los Angeles Turf Club for its Santa Anita Park meet that begins Dec. 26.

Magna Broadens Its Base With Piece of AmTote

Less than a week after the National Thoroughbred Racing Association released a report that recommended upgrades in wagering technology and a streamlining of tote systems in the United States, Magna Entertainment Corp. acquired a 30% equity and voting interest in AmTote International for $3.82 million.

Magna, Horsemen Agree to Sunshine Pact

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Magna Entertainment Corp., the originator of the Sunshine Millions, announced Aug. 13 that it has signed an agreement extending the Florida-California Thoroughbred series through 2006.

Expansion Pushes Magna Revenues Up 54%

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Magna Entertainment Corp.'s revenues during the second quarter ended June 30 were up 54.2% from a year ago while net income was down slightly, the company reported after the markets closed Thursday night.

Proposed Magna Spin-Off Would Include MEC

Magna International has proposed a new publicly traded company--MI Developments Inc.--that would own all of Magna's automotive real estate as well as all of Magna Entertainment Corp., the leading owner of racetracks in North America in terms of holdings.

Magna Names New Chief Financial Officer

Magna Entertainment Corp. Thursday announced the appointment of Blake Tohana as an executive vice president and its new chief financial officer, effective July 28, replacing Graham Orr.

Magna Says Sale of $50 Million in Notes Complete

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Magna Entertainment Corp. said June 24 it has completed its previously announced sale of an additional $50-million aggregate principal amount of 8.55% convertible subordinated notes due June 15, 2010.

Studies on Dixon Downs Proposal Set to Begin

Detailed studies for the proposed $250-million Dixon Downs in Northern California are set to begin now that Magna Entertainment Corp. has received approval from the Dixon City Council for an agreement to pay for consultants for the extensive reports.

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