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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.