Magna Entertainment

News, Articles, Videos and other content about Magna Entertainment

HorseRacing TV Joins DISH Network

Magna Entertainment Corp.'s HorseRacing TV will now be carried on DISH network, beginning July 15. HRTV features television coverage of 13 racetracks owned, operated or managed by MEC.

HorseRacing TV Gets Ready for Pre-Breeders' Cup Coverage

With the racing industry pointing toward the summer and fall classics, HorseRacing TV (HRTV) will debut a series of weekly features focusing on the leading contenders in racing's ultimate one-day spectacle, the Breeders' Cup. The new series will debut July 1.

Donn Resigns as Chairman of Gulfstream

Doug Donn, who since 1969 served in a variety of capacities at Gulfstream Park, ended his 35-year affiliation with the track by tendering his resignation as chairman of the board of the Gulfstream Park Racing Association.

Workers at MEC's Flamboro Downs Set Strike Deadline

Employees at Magna Entertainment Corp.'s Standardbred track Flamboro Downs have set a strike deadline of midnight Tuesday in response to what it called MEC's "attempt to intimidate workers into dropping key demands" during collective bargaining negotiations.

MID Turns Profit in First Quarter

MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.

Vermont Track Up for Grabs on eBay

Live racing could return to Vermont if a buyer is found for Green Mountain Park, located near Pownal, Vt. The track, which hasn't conducted live racing since 1992 and currently does not have a racing license, is listed for $2.5 million on the Internet auction company site, eBay.

MEC Reaches Deal for Gulfstream Redevelopment

  • News

Magna Entertainment Corp. and real-estate company Forest City Enterprises, Inc. will partner on a planned 80-acre development at Gulfstream Park that will include retail and entertainment facilities and a residential village that overlooks the track.

McAlpine Among MEC Execs Receiving Bonuses

  • News

Magna Entertainment Corp. chief executive officer Jim McAlpine received a $200,000 bonus last year for his "contribution to the growth and development of MEC during fiscal year 2003," according to proxy material being circulated.

Battle Brewing Over Proposed Michigan Track

Magna Entertainment Corp. chairman Frank Stronach wants to get things moving with his company's proposed racetrack in Romulus, Mich., but state racing commissioner Robert Geake reiterated Thursday that much remains to be accomplished before any action can be taken.

Magna Makes Pitch for Tracks in Quebec

Magna Entertainment Corp. announced Tuesday that it has made a non-binding proposal to the government of the Canadian Province of Quebec to invest in Quebec's four Standardbred racetracks, as well as a training center located in St. Basile le Grand.

MEC's Losses Hinder Parent Company MI Developments

  • News

MI 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.

Xpressbet Handle Falls 18% In California

Magna Entertainment Corp. may have some explaining to do at this month's California Horse Racing Board meeting as handle for its account-wagering service, Xpressbet, suffered an 18.4% decline among California residents during the year's first two months.

Magna Spin-off MID Names Tobin CEO

  • News

Former 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.

Magna 5 Pays $205,703 Saturday

The Magna 5, a $2 pick five wager linking races from four Magna Entertainment racetracks in an hour, paid $205,703 to two winners Saturday. The winning tickets were purchased from the Philadelphia Park hub and Richmond, VA offf-track facility.

Magna Losses Total $103 Million in Fourth Quarter

Magna Entertainment Corp. Tuesday reported a net loss of $103.2 million for the fourth quarter of 2003, or 96 cents a share, which includes a previously announced non-cash write-down of $81.7 million on its assets.

Magna's TV Distribution Under Fire Again

Unhappy with the lack of distribution for Magna Entertainment Corporation's Horse Racing Television signals from Santa Anita, Golden Gate Fields and Bay Meadows, California officials vowed Feb. 20 to address the issue when license renewals for the state's three approved account wagering services come up in December.

MEC Team to Study Racetrack Operations

Magna 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.

Preliminary Approval Given for Pimlico Expansion

  • News

The Baltimore Planning Commission Wednesday granted its approval to the proposed expansion of Pimlico Race Course into an "entertainment destination" facility, though plans for a hotel on the site were turned down.

Magna 5 Kicks Off Saturday

The Magna 5, a five-race wagering series with a guaranteed $500,000 minimum pool, begins Saturday at approximately 4:25 p.m. (EST). In the span of a little more than an hour, five races, tied together with one bet, will be presented at Magna Entertainment Corp. tracks.

Biggar Resigns as President of MI Developments

  • News

William Biggar has resigned as president and chief executive officer of MI Developments, which is the parent company of Magna Entertainment Corp. He will be replaced by Werner Czernohorsky, formerly president of the Construction Group.

Handicappers Call for Boycott of Magna

A disgruntled professional handicapper is mobilizing fellow players to boycott all tracks owned by Magna Entertainment Corp. The action comes in response to the company's recent decision to discontinue accepting bets from account wagering providers other than the Magna-owned platform Xpressbet.com.

Portland Meadows Cancels Racing Friday, Saturday

  • News

Portland Meadows has canceled Friday and Saturday racing due to unsafe weather conditions. Friday's closure marks the third consecutive day that Portland Meadows and all MEC Oregon Racing Inc. OTB's have been closed for simulcasting due to the severe weather conditions.

Frank Talk

By Ray Paulick -- Will 2004 be a turning point for the Frank Stronach-led Magna Entertainment, which frequently has stumbled and struggled since entering the racetrack ownership business in 1998 with its purchase of Santa Anita Park? Also, will Keeneland bring back the July yearling sale and will the Thoroughbred Championship Tour kick off in 2004?

Maryland Commission's Decision on Stable Closing Unpopular

The Maryland Racing Commission voted Tuesday not to intervene in the Maryland Jockey Club's decision to close the Pimlico stables for the winter. The 6-2 vote set off a flurry of angry responses from horsemen aimed primarily at Tom McDonough, commission chairman.

Officials, Others Ponder Future if NYRA is Indicted

As the racing industry's breath-holding continues as it awaits the ongoing investigation by the U.S. Attorney's office, it is a question state and federal officials, as well as NYRA's boosters and competitors alike, have been increasingly pondering.

CHRB, Tracks Debate Account Wagering

The California Horse Racing Board took a first look at the knotted issue of changing the way account-deposit wagering is conducted in the state by requiring racetrack associations -- as a condition to operate -- to negotiate agreements for handling wagers with all legal operators.

Here and There...

  • News

Youbet.com gets a new chairman... The Maryland Jockey Club and Magna Entertainment Corp.'s premiere of the movie "Seabiscuit" raised over $181,000 for two Maryland charities.

Summer Tubing

By Ray Paulick -- It's almost August and the racing season is in full swing as major horses prep for this fall's Breeders' Cup World Thoroughbred Championships. Thanks to TVG, you can see it all from your living room.

Proposed Magna Spin-Off Would Include MEC

Magna 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.

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