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.
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.
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.
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.
TrackNet Media Group is confident it will execute a contract to carry the Breeders' Cup World Championships signal, an executive with the content management company said Oct. 16.
Several advance deposit wagering companies have yet to secure contracts for the Breeders' Cup World Championships, a consultant said Oct. 15.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
Magna Entertainment Corp. has announced plans to sell Thistledown near Cleveland, Ohio, and to shed its interest in Portland Meadows, located in Portland, Ore.
Thistledown, the Ohio racetrack that has shaved about 50 racing dates off its schedule since 2005, has requested another major reduction for 2008 to maintain profitability.
AmTote Canada will continue to be the tote services provider for Attractions Hippiques Quebec, it was announced Aug. 29.
Magna International shareholders approved a plan Aug. 28 that will allow Russian Machines to acquire a 42% stake in the international auto parts supplier for $1.5 billion.
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.
A group of bettors frustrated with the fractured structure of advance deposit wagering are planning protests against racing entities they believe are responsible for the industry sector's ills.
Another fight is brewing over whether Michigan's racetracks should be allowed to add casino-style gambling.
- By Ryan Conley
A day after announcing new initiatives to reduce debt, Magna Entertainment Corp. hosted an earnings conference call Aug. 10 that was deemed by one financial analyst to be "irregular."
Frank Stronach's Adena Springs has moved to a new facility near Bourbon County, Ky.
TrackNet Media Group will allow customers of Elite Turf Club and Racing & Gaming Services who wager $1 million or more annually to receive rebates on TrackNet races, the racetrack content company announced Aug. 1.
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.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.
Permits in place, Golden Gate Fields plans to begin construction of its new Tapeta Footings racing surface July 23, track general manager Robert Hartman said.
Michael Neuman, who was hired in late February as the chief executive officer of Magna Entertainment Corp., is leaving the company, it was announced June 22.
TVG has filed a lawsuit against Magna Entertainment Corp., HRTV, and XpressBet for alleged patent infringement, the company announced May 18.
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.
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."
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.
Youbet.com announced Monday that it is at an impasse in negotiations with TrackNet Media that could result in the online wagering company being unable to take bets on this year's Kentucky Derby Presented by Yum! Brands (gr. I).
A temporary ban on the release of race video replays from Magna Entertainment tracks may continue through the end of the week for Post Time Technologies business partners, which include The Blood-Horse and the National Thoroughbred Racing Association.
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.
A partnership led by former Magna Entertainment Corp. executive Corey Johnsen and Texas investment banker Ray Reid have purchased the majority interest in Kentucky Downs near Franklin, Ky.
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.
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 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 has named Drew Shubeck president and general manager of Lone Star Park at Grand Prairie. In addition, G.W. Hail and Paula Newman have been promoted to vice-president and assistant general manager.
An official with Premier Turf Club is "disappointed" in what he feels is a lack of cooperation from racetrack signal providers, but is hopeful that the betting hub will be fully operational in the near future.
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 Entertainment has sold two properties for about $30 million combined to parent company MI Developments, the companies announced Feb. 7.
Citing estimated financial losses of $1.8 million at Great Lakes Downs in 2006, Magna Entertainment announced Jan. 18 that it would not operate a meet at the Michigan racetrack beyond this year.
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.
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.
Magna Entertainment has amended two financing agreements, including one that will allocate up to $21.5 million for phase two of the slots facility at Gulfstream Park.
Andy Kure, head of the simulcasting department for Magna Entertainment and Santa Anita Park, died Thursday due to complications from cancer.
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.
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.
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.
MI Developments reported a steeper third-quarter loss Nov. 9, despite a 31% jump in revenue, hampered partly by weakness in its horse racing and gambling unit, Magna Entertainment.
Magna Entertainment officials parried with contentious callers during an earnings conference call Nov. 2.
Bally Technologies has signed on with Magna Entertainment Corp. to supply slots and related services to Gulfstream Park, it was announced Monday.
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.
The continuing consolidation of racing interests seeking the franchise currently held by the New York Racing Association took a quantum leap Wednesday when it was announced that Churchill Downs Inc. and Magna Entertainment were joining the Empire Racing team.
Magna Entertainment Corp. chairman Frank Stronach announced Monday that Corey Johnsen has been named the president of MEC Operations in the Southwest.
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