Despite the earlier announcement that Magna Entertainment Corp. had a quarterly loss of $48.4 million and is seeking to sell core assets, including one or more of its top racetracks, management of the company that holds 60% equity interest in MEC continues to be optimistic of a turnaround.
Magna Entertainment Corp. reported a $48.4 million dollar loss in its third financial quarter and announced a financial adviser had been hired to possibly sell one of its core racetracks.
One old betting axiom -- "shut out at the window" -- has taken on a whole new meaning when paired with a relatively new one in the racing industry lexicon: "signal wars."
Magna Entertainment Corp. said Nov. 4 it was not sure why its stock price had more than doubled in the last two days of trading on the NASDAQ exchange.
Magna Entertainment Corp. has announced the termination of a purchase agreement to sell 489 acres of land near Ocala, Fla., it was announced Nov. 3.
The federal lawsuit against Cushion Track and affiliates over the former synthetic racing surface at Santa Anita Park is geared to go forward after a judge recently denied most of the defendants' request for dismissal.
San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
The Portland Meadows meet, which looked for a time like it might be canceled, is scheduled to kick off Oct. 5, despite ongoing issues in Oregon.
Technology entrepreneur Halsey Minor has sent Hialeah Park owner John Brunetti a plan on the potential cost of rebuilding and operating the race track.
Remington Park announced that effective Friday, Sept. 19, all overnight purses will be increased approximately 5%.
A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.
Turfway Park said Aug. 20 it has received horsemen's consent to distribute its racing signal for the upcoming fall under the auspices of the present exclusive agreement with TVG, thus ending any speculation of a standoff similar to those plaguing other tracks.
Magna Entertainment Corp. has announced it has reached an agreement to sell land once designated by its founder for racetrack development in Ocala, Fla., for $16.5 million.
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
Hialeah Park owner John Brunetti is looking forward to meeting with prospective buyer Halsey Minor about what he calls multiple "hurdles" to returning racing to the historic track that last held a meet in 2001.
Lone Star Park said it had a 3.7% decline in all-sources handle for its meet that ended July 27, while reporting increases in attendance.
Shares of Magna Entertainment Corp. dropped 11.35% on their first day of trading following the company's implementation of a 1-20 reverse stock split.
Magna Entertainment Corp. executive vice president of racing Scott Borgemenke will no longer serve in that position, the company announced late July 21.
Scott Borgemenke, the former Ohio State Racing Commission chairman who joined Magna Entertainment Corp. as executive vice president of racing earlier this year, departed from the company, effective July 18.
TVG and Portland Meadows have until July 21 to work out an agreement on source-market fees, or face the prospect of unspecified sanctions by the Oregon Racing Commission.
Oregon horsemen claim they are caught in the middle of a battle between TVG and Magna Entertainment Corp. over source-market fees, a dispute they claim could jeopardize this year's Portland Meadows fall meet.
Magna Entertainment Corp. has announced the sale of Great Lakes Downs to The Little River Band of Ottawa Indians for $5 million cash, less customary closing adjustments.
A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.
The parent company of Magna Entertainment Corp. has called off a scheduled July 24 shareholder meeting to vote on a complex reorganization plan that has raised the ire of some large stakeholders.
The owner of Ellis Park said he is willing to work with horsemen on revenue-sharing plans for wagering signals, but hasn't ruled out eventually closing the Kentucky track if an equitable long-term agreement isn't reached.
MI Developments has announced a special shareholders meeting in Toronto July 24 to consider the reorganization proposal that could result in Magna Entertainment Corp. being sold to an entity controlled by founding chairman Frank Stronach.
Some bettors are frustrated with the current dispute between horsemen groups, racetracks, and advance deposit wagering companies over revenue sharing. They feel they've been neglected in the process, and threaten to take their wagering dollars elsewhere.
Churchill Downs Inc. and Magna Entertainment Corp. have pulled the plug on their involvement in Racing World UK, the United Kingdom broadcast and wagering venture launched two years ago.
Due primarily to losses by Magna Entertainment racetracks, MI Developments, the property arm of Canadian auto-parts empire Magna International, reported lower first-quarter profit May 7.
Youbet.com put the memory of its association with former subsidiary International Racing Group in its rear-view mirror during a May 6 conference call where it reported a net income of $774,000 for the first quarter of 2008.
Despite mounting losses and lack of investor confidence, executives of racetrack operator Magna Entertainment remain confident the company's fortunes can be reversed.
Perhaps feeling the effects of an ongoing dispute with horsemen over signal distribution, handle on the May 2 Kentucky Oaks (gr. I) program was down about 7%, according to numbers released by the track.
Hurt by its early-season cancellation of 11 racing days, Santa Anita concluded its winter/spring meet April 20 with decreases in overall handle and attendance. But officials were breathing a sigh of relief that it wasn't worse.
Calder Race Course announced April 21 due to the Florida Horsemen's Benevolent and Protective Association's refusal to approve the distribution of Calder races to out-of-state wagering outlets, including advance deposit wagering companies, the racetrack has been forced to cut purses by 30%, effective April 27. The purse reductions will affect a variety of race conditions, including stakes races.
Horsemen at odds with TrackNet Media Group over advance deposit wagering revenue sharing plans are suggesting a plan that would allow all ADWs to carry programs of both the May 2 Kentucky Oaks (gr. I) and May 3 Kentucky Derby Presented by Yum! Brands (gr. I).
Horsemen at odds with TrackNet Media Group over advance deposit wagering revenue sharing plans are proposing an arrangement that would allow all ADWs to carry programs of both the May 2 Kentucky Oaks (gr. I) and May 3 Kentucky Derby Presented by Yum! Brands (gr. I).
The Thoroughbred Horsemen's Group claims it wants advance deposit wagering entities to pay a fairer share into purse coffers, but those on the other side of the negotiating table claim the math simply doesn't add up.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
The parent company of Magna Entertainment Corp. has announced a proposal that would result in the sell-off of its controlling investment in the racing company to entities affiliated with company founder Frank Stronach.
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.
Magna Entertainment Corp. confirmed March 3 the resignation of Joseph De Francis from the company's board of directors.
With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.
Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Share of Magna Entertainment Corp. have traded under $1 for more than 30 straight days, prompting NASDAQ to notify the racing and gaming company it was out of compliance with marketplace rules and faces delisting.
At their monthly meeting Jan. 29, the Maryland Racing Commission accepted the Maryland Jockey Club's proposal to alter the live racing calendar for the final seven weeks of the current Laurel winter meeting.
Former Magna Entertainment Corp. executive Graham Orr has won a $1.6-million judgment against his former employer in a wrongful dismissal case, according to a published report.
Former Ohio State Racing Commission chairman Scott Borgemenke has been named executive vice president for racing with Magna Entertainment Corp., according to the a published report.
Santa Anita Park president and chief executive officer Ron Charles has taken on additional duties with the parent company of the racetrack after accepting an appointment as chief operating officer of Magna Entertainment Corp., it was announced Jan. 7.
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