Magna Entertainment

News, Articles, Videos and other content about Magna Entertainment

TVG Deal Opens NJSEA to TrackNet

TVG Deal Opens NJSEA to TrackNet

A deal struck between TVG and the New Jersey Sports and Exposition Authority extends the network's previous agreement for rights to signals from Monmouth Park and Meadowlands, but allows the NJSEA to separately negotiate with entities affiliated with TrackNet Media Group.

The Meadows Changes Hands

 The Meadows Changes Hands

The parent company of the The Meadows Racetrack and Casino in Pennsylvania, which is operated in part by former owner Magna Entertainment Corp., has been sold for $1.75 billion to an Australian entity, it was announced Dec. 12.

Gulfstream Park Cuts Slots

Gulfstream Park Cuts Slots

Magna Entertainment Corp. has overhauled the ailing slots operation at its Gulfstream Park Racing and Casino complex by reducing the amount of machines it offers and expanding its simulcasting area.

MEC Properties Listed for Sale

MEC Properties Listed for Sale

Magna Entertainment's debt-reduction sale of what it deems excess assets is under way with at least four properties already listed with real estate agents.

Record Wagering Through Oregon Hubs

Record Wagering Through Oregon Hubs

Fueled by a record total from TVG, wagers handled through Oregon hubs jumped 19.7% for the third quarter of 2007, according to data released by the state's racing commission.

Dates Approved for New Detroit Racetrack

Dates Approved for New Detroit Racetrack

Michigan's racing commissioner approved on Oct. 31 the 2008 dates for a new racetrack to be built near Detroit. The track, named Pinnacle Race Course, was granted 63 days of live racing beginning July 18. The 10,000-seat racetrack project, near the Detroit Metro Airport, includes 200,000 square feet of retail developement.

Betting Group Launches Protest Actions

A group of bettors angered at the divisive state of advance deposit wagering has taken action by staging what it termed a "buycott" at a New Mexico racetrack, and also launched a protest Web site against a content provider.

TrackNet to Offer Claiming Crown to Rivals

Saying it was responding to the pleas of horsemen, TrackNet Media Group will offer Aug. 4 Claiming Crown racing at Ellis Park to arch-rivals TVG and Youbet.com, though a company executive said the move doesn't indicate a softening of the hard lines drawn by the parties.

Youbet Announces Plan to Offset Lower Revenues

Youbet Announces Plan to Offset Lower Revenues

Youbet.com has implemented self-described cost-cutting and revenue enhancement initiatives of about $5 million in an effort to offset lower revenue expectations from its IRG and United Tote subsidiaries, the company recently announced.

Magna Packaging Properties to Drive Down Debt

Magna Packaging Properties to Drive Down Debt

Officials with Magna Entertainment spent a good deal of time May 9 highlighting the company's continued attack on staggering debt, and how it will correct an admittedly disappointing start for the slots operations at Gulfstream Park.

TrackNet Takes Another Shot from Youbet

TrackNet Takes Another Shot from Youbet

Youbet.com directed more criticism at the controversial content alliance of Churchill Downs and Magna Entertainment May 8, with one executive telling analysts during an earnings conference that the partners in TrackNet Media Group "ended up shooting not only themselves, but an entire industry."

TrackNet Media CEO Comments on Impasse With Youbet.com

TrackNet Media CEO Comments on Impasse With Youbet.com

In response to a release and teleconference by Youbet.com Monday concerning an impasse in its negotiations with TrackNet Media Group over account deposit wagering, Scott Daruty, chief executive officer of TrackNet Media Group, released a statement outlining his company's position.

MI Developments Announces Acquisition of Florida Property

MI Developments announced March 28 that it has purchased from subsidiaries of Magna Entertainment a 157-acre development property in Palm Beach County, Fla., adjacent to MEC's Palm Meadows Training Center, for cash consideration of $35 million.

Youbet Reports 62% Handle Growth in 2006

Youbet reiterated its desire to work with the new TrackNet Media team of Churchill Downs and Magna Entertainment, hoping to build off a fifth-straight year the wagering company reported double-digit handle growth.

Magna Would Consider Selling Training Centers

Amid news of improvement on operating losses and increased revenues, officials with Magna Entertainment also said during an earnings conference call March 5 that selling off prominent training centers in both California and Florida was within the realm of possibility.

Churchill, Magna Enter Major Content Agreement

Churchill, Magna Enter Major Content Agreement

Churchill Downs Inc. and Magna Entertainment Corp., the two leading owners of racetracks in North America, said March 5 they have entered into agreements that include CDI's purchase of 50% interest in MEC's HRTV network.

Magna Entertainment Names CEO, Director

Michael Neuman was named Magna Entertainment's new chief executive officer and Charlie J. Williams was appointed to the company's board of directors, it was announced Feb. 27.

Magna Sells Off Land to Parent Company

Magna Entertainment has sold two properties for about $30 million combined to parent company MI Developments, the companies announced Feb. 7.

No Santa Anita Clause for TVG

TVG viewers won't be getting what they wanted most for Christmas -- to watch and wager on races from Santa Anita Park starting with the new season on Dec. 26.

FHBPA Pledges $1M to Gulfstream Development

Gulfstream Park Racing & Casino is moving forward with a plan for a second-phase of 700 slot machines, and has also secured a commitment of $1 million in partnered investment help from the Florida Horsemen's Benevolent & Protective Association, it was announced Dec. 22.

Nearly $36 Million Played on Gulfstream Slots

Slot machines at Gulfstream Park Racing and Casino realized $35.5 million of action during an abbreviated opening schedule in November, according to unofficial statistics released by Florida's Division of Pari-Mutuel Wagering.

Magna Announces South American Simulcast Deal

Patrons of Maryland Jockey Club simulcast signals will have a full-time opportunity to bet on races from South America starting Dec. 29, by virtue of an agreement announced Dec. 6 at the 33rd Racing & Gaming Symposium in Tucson, Ariz.

More Hurdles Facing Dixon Downs Plan

It didn't take long for foes of the Dixon Downs racetrack in Northern California to attack plans for the $250 million Magna Entertainment project approved by the Dixon City Council on Oct. 23. Already, a citizen group has turned in petitions seeking a referendum to overturn the action, and on Nov. 21, the nearby city of Davis filed a lawsuit aimed at mitigating the development's impact on the region.

Magna Must Find New Director to be in Compliance

Magna Must Find New Director to be in Compliance

As a result of Gino Roncelli's departure from its board of directors on Aug. 22, Magna Entertainment Corp. is no longer in compliance with Nasdaq's audit committee requirements and must find a new director to return to good standing, it was announced Tuesday.

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