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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.
Monday, April 05, 2004Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.
Thursday, April 01, 2004Bay Meadows, thought to be starting what could have been its final year of operation on April 7, figures to be around for quite a bit longer.
Friday, March 26, 2004The 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.
Wednesday, March 24, 2004Magna Entertainment Corp., even though the New York Racing Association rejected its partnership proposal, continues to have a keen interest in New York racing, president Jim McAlpine said.
Thursday, March 11, 2004MI 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.
Wednesday, March 10, 2004The New York Racing Association board of trustees has rejected a bid by Magna Entertainment Corp. to become financial partners, NYRA chairman Barry Schwartz said.
Wednesday, March 10, 2004Louie 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.
Wednesday, March 10, 2004Oklahoma 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.
Tuesday, March 09, 2004The 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.
Monday, March 08, 2004Former 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.
Wednesday, March 03, 2004Magna Entertainment Corp., in conjunction with New York City Off-Track Betting, has launched a half-hour preview show that will air race days on OTB's cable television channel.
Wednesday, February 25, 2004Despite financial results that show a net loss of $105.1 million in 2003, Magna Entertainment Corp. president Jim McAlpine said the company "made significant strides" in creating a global company built around horse racing.
Tuesday, February 24, 2004The Magna 5, a pick five bet that links races from tracks owned by Magna Entertainment Corp., continued to pick up steam Feb. 21 with its highest handle in a four-week period.
Monday, February 23, 2004Magna 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.
Friday, February 20, 2004Despite financial woes, the Pimlico Special (gr. I) has been scheduled for May 14, the day before the Preakness Stakes (gr. I), a Maryland Jockey Club executive told the Maryland Racing Commission Feb. 10.
Wednesday, February 11, 2004Magna Entertainment Corp. will record an $82-million non-cash write-down for the fourth quarter of 2003, but the company said there would be no operating impact on any of its racetracks.
Thursday, February 05, 2004The Texas Racing Commission has ruled horses with common ownership and trainers can run as separate betting interests during the Breeders' Cup World Thoroughbred Championships Oct. 30 at Lone Star Park.
Thursday, February 05, 2004Magna 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.
Tuesday, February 03, 2004Portland Meadows set a new single-day handle record Monday when $657,311 was bet on the nine-race program.
Tuesday, February 03, 2004Magna 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.
Monday, February 02, 2004A complaint was filed with the Federal Trade Commission Thursday against Magna Entertainment Corp. for allegedly violating anti-trust laws with its new restrictive account-wagering policy.
Friday, January 30, 2004Tampa 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.
Tuesday, January 27, 2004Magna 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.
Wednesday, January 21, 2004Fans 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.
Monday, January 12, 2004Handle 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.
Wednesday, January 07, 2004Handle 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.
Wednesday, January 07, 2004Youbet.com said Dec. 30 it hopes to strike a deal with Magna Entertainment Corp. to offer wagering on all the company's racetracks.
Wednesday, December 31, 2003Youbet.com said Dec. 30 it hopes to strike a deal with Magna Entertainment Corp. to offer wagering on all the company's racetracks.
Wednesday, December 31, 2003Magna 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.
Tuesday, December 30, 2003Changes 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.
Tuesday, December 02, 2003Voters in Romulus, Mich., will decide Dec. 2 whether to allow for gambling establishments, one of which is a multi-breed racetrack proposed by Magna Entertainment Corp.
Monday, December 01, 2003The owners of Pimlico and Laurel Park averted a showdown with horsemen over the possible shutdown of simulcasting by agreeing Wednesday to keep the Pimlico stables open for the winter.
Wednesday, November 19, 2003Great 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.
Thursday, October 30, 2003Despite 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.
Thursday, October 23, 2003Among the issues on which California governor-elect Arnold Schwarzenegger will need to be educated is the importance of horse racing to the state's economy, industry leaders said.
Monday, October 13, 2003Magna Entertainment Corp., which recently said it would rebuild Pimlico Race Course, said the project now hinges on whether the state's racetracks are approved for slot machines.
Wednesday, October 08, 2003The Maryland Racing Commission Sept. 9 commended Magna Entertainment Corp. for progress in meeting its commitment to upgrade the barn areas at Pimlico Race Course, Laurel Park, and the Bowie Training Center.
Wednesday, September 10, 2003There's a serious call in California for video surveillance of racetrack barn areas. Magna Entertainment Corp. already is looking into adding equipment at its three tracks in the state.
Wednesday, September 03, 2003Less 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.
Friday, August 22, 2003Magna 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.
Wednesday, August 13, 2003Magna Entertainment Corp. is still very much interested in entering the New York racing market, and would seek to obtain, if it becomes available, the New York Racing Association franchise, the head of the company said Aug. 5.
Tuesday, August 05, 2003Magna 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.
Friday, August 01, 2003Magna 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.
Tuesday, July 08, 2003Magna 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.
Thursday, July 03, 2003Magna 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.
Tuesday, June 24, 2003Detailed 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.
Friday, June 06, 2003The future of Remington Park and perhaps the future of the entire Thoroughbred industry in Oklahoma could depend on a vote by House of Representatives to legalize electronic gaming at the state's racetracks.
Friday, May 30, 2003As the Texas legislature prepares to end its biennial regular session June 2, it appears approval for video lottery terminals at racetracks would have to wait.
Thursday, May 29, 2003The New Jersey Sports and Exposition Authority will formally begin the process of selling or leasing Monmouth Park and Meadowlands in June, a move that could put more than $250 million in the financially strapped state agency's coffers, according to published reports.
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