Magna Entertainment Corp. announced Friday that Brian Tobin had resigned as the vice chairman and a director of the racetrack operating company.
- By Ray Paulick
By Ray Paulick -- This is supposed to be the time of year when the racing world starts talking Saratoga and Del Mar, and the search begins for the hot 2-year-olds who look like they could be Triple Crown prospects 10 months from now.
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.
The chief executive officer of MI Developments said Tuesday that the company's proposal to purchase the stock it presently does not own in Magna Entertainment and take it private will not affect the racetrack operating company's strategic business plan.
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.
A California developer revealed plans Thursday to build residential and retail centers at Magna Entertainment Corp.'s two California tracks, Santa Anita Park and Golden Gate Fields.
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.
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.
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.
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.
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.
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.
The Maryland Jockey Club and its majority owner, Magna Entertainment, issued a statement Wednesday reiterating their support for Pimlico Race Course at its present location.
Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.
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 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.
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.
Magna Entertainment Corp. could be on the verge of buying the four Standardbred racetracks in Quebec, Canada.
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.
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.
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 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.
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.
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.
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.
There was $460,400 wagered in the first week of Magna Entertainment's "Magna 5" wager. There were 28 tickets with all five winners, each worth $13,928.40.
There is plenty of sunshine in the final tally from last weekend's Sunshine Millions according to a press release issued by Magna Entertainment Corp. MEC reports the second running of the Sunshine Millions eclipsed last year's successes, both on track and in the home.
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.
Southern California horsemen expressed anger and dismay over the decision to slice Santa Anita's overnight purses by 6.5% beginning Jan. 31 and to slash $450,000 from the stakes program.
Magna Entertainment Corp. officially announced Jack McDaniel as new president of Santa Anita Park Tuesday.
On Tuesday members of the Monmouth Park stakeholders committee were told that the racetrack could gain future revenue from slot machines and that leasing market is extremely favorable--and that was at its first meeting.
The 4-year-old filly, Pesci, is looking to upstage her Academy Award winning owner and namesake, Joe Pesci, when she goes to the post against older fillies and mares in the Jan. 24 Sunshine Milions Ocala Breeders' Sales Distaff at Gulfstream Park.
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.
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.
Magna Entertainment Corp. chairman Frank Stronach formally announced Wednesday plans for a new job-training center to be located near Pimlico Race Course in Maryland.
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.
Thoroughbred horse owner-breeder Frank Stronach could reassume his role as chief executive officer of auto-parts manufacturer Magna International if his daughter Belinda is elected to public office in Canada.
The latest in a growing number of simulcast contract disputes has led the New York Racing Association and Magna Entertainment Corp. to cease doing business with Tampa Bay Downs.
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?
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.
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.
MI Developments, a real-estate spin-off of Magna International and majority shareholder of Magna Entertainment Corp., offered its first quarterly earnings report Wednesday on a pro forma basis.
Taking another step in a lengthy approval process, Magna Entertainment publicly rolled out its detailed plans for Dixon Downs, a $250 million "dream track" prototype for the company's future development.
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.
TV Games Network has filed a countersuit against Magna Entertainment Corp. in the brewing battle over the right to broadcast Maryland Jockey Club racing.
Magna Entertainment Corp. Monday unveiled plans for a $100-million racetrack and entertainment project near Detroit International Airport.
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.
- By Ray Paulick
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.
General counsel Ed Hannah and Peter Beresford, executive vice president of marketing and strategic planning, have resigned their positions effective Aug. 29.
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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