Magna Entertainment

News, Articles, Videos and other content about Magna Entertainment

Jersey Horsemen Seek Answers With Tracks on Block

While representatives of New Jersey Thoroughbred horsemen claim they have been aware of the desire of the New Jersey Sports and Exposition Authority to sell Monmouth Park and Meadowlands for nearly a year, there are many questions they want answered from prospective buyers, and they believe the timing of the announcement was poor.

HorseRacing TV Adds Markets, Expands Another

  • News

HorseRacing TV has signed a multi-year agreement with Cox Communications that extends the network's viewership into Orange County, Calif., and expands its coverage in San Diego. In addition, HRTV, operated by Magna Entertainment, will add three markets in Pennsylvania.

Horse Racing Has Good Chance...But There Are Catches

The horse racing industry should be pretty healthy 20 years from now -- if it properly embraces technology, expanded wagering opportunities, alternative gaming, and the breeding side of business remains vital, top racetrack officials said March 14.

MTR Hearing on Erie Track Slated For May

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MTR Gaming Group, Inc., which owns and operates Mountaineer Race Track and Gaming Resort in Chester, West Virginia, announced Friday it has been granted a motion to expedite the appeal of its license to conduct Thoroughbred racing and parimutuel wagering in Erie, Pa. The hearing is scheduled for May.

Magna Seeks Long-Term Rights to Portland Meadows

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Magna Entertainment has agreed to purchase the long-term operating rights of Portland Meadows, as well an interest in the real estate on which the racetrack sits, from developer Thomas Moyer.

Magna Reports Two Tracks Operating at Loss

In a Jan. 31 report filed with the U.S. Securities and Exchange Commission, Magna Entertainment said two of its racetracks have experienced operating losses over the past two years, and the impact will be assessed when the company releases its 2002 financial statement.

Magna Seeks License for New Pennsylvania Track

  • News

Magna Entertainment Corp. announced late Tuesday that its indirect wholly-owned subsidiary Allegheny Thoroughbred Racing Association, Inc., has filed an application with the Pennsylvania State Horse Racing Commission for a license to conduct Thoroughbred racing at a racetrack to be constructed in Allegheny County, Pennsylvania, northwest of Pittsburgh.

Liebau: 'Something for Everybody' at Sunshine Millions

The respective presidents of Gulfstream Park and Santa Anita Park said they have pulled out all the stops in marketing this Saturday's $3.6-million Sunshine Millions, a unique program matching Florida-breds vs. California-breds at the two Magna Entertainment owned racetracks.

NTRA Directors to Tackle Governance Issues

Organization bylaws and changes in the industry landscape could lead the National Thoroughbred Racing Association to tweak its structure when the board of directors meets in early February for a meeting and long-range planning retreat. Meanwhile, the Thoroughbred Owners and Breeders Association has named John Amerman as its new NTRA representative.

Virginia: Contract Signed, Turf Festival Planned

The Virginia Racing Commission Jan. 15 approved a five-year deal between the Virginia Horsemen's Benevolent and Protective Association and Colonial Downs, and also heard of plans for a $2-million turf festival in the state.

Magna Entertainment Officially Launches HRTV

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Magna Entertainment has officially launched HorseRacing TV, a 24-hour cable television network that provides Thoroughbred, Standardbred, and Quarter Horse racing from racetracks in the United States and Canada.

Gulfstream Opens With 24% Hike in Total Handle

Despite perpetual overcast and unseasonably cool temperatures that may have kept people away, Gulfstream Park in Hallandale, Fla., opened its 89-day 2003 race meet Jan. 3 with significant gains in overall handle and field size. And while the chill rendered it empty, the track also unveiled its new picnic area, created by the razing of the north portion of the grandstand at a loss of some 3,000 permanent seats.

NBC to Telecast Three Sunshine Millions Races Live

NBC will telecast live three of the Sunshine Millions series of eight races January 25. The Sunshine Millions is a product of Magna Entertainment to be run at the company's two flagship facilities, Santa Anita Park and Gulfstream Park. The format of the eight races is California-bred horses squaring off against Florida-breds. The eight races have combined purses of $3.6 million.

Magna Appeals Licensing of Proposed Erie Track

  • News

Magna Entertainment's Pennsylvania subsidiary has appealed a decision by regulators to grant MTR Gaming a license to build Presque Isle Downs, a Thoroughbred racetrack proposed for the Erie area.

Here and There...

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News and information: Thayer seeks public office... Churchill Downs completes deal with City of Louisville over racetrack property... Magna, Youbet.com enter into agreement.

Magna Plans to Sell $50 million in Notes

  • News

Magna Entertainment Corp. hopes to raise net proceeds of $48.5 million for "general corporate purposes, including capital expenditures," through subordinated notes that will yield an annual interest rate of 7.25 percent, the company announced on Tuesday.

Magna Says Maryland, Preakness Top Priorities

The Maryland Racing Commission voted unanimously Nov. 13 to approve Magna Entertainment Corp. as majority owner of Laurel Park and Pimlico Race Course, turning the spotlight on Magna to begin fulfilling its promise for Maryland racing. The Preakness Stakes, second leg of the Triple Crown, is a big part of the equation.

Magna Reports Soft Third Quarter, Loses Two More Directors

Magna Entertainment reported across-the-board declines in revenue, net income, and earnings per share for the third quarter ending Sept. 30. The Ontario-based racing conglomerate also announced the resignation of two more directors, John York II and James Nichol, from its board of directors.

Centaur Beats Out Greenwood, Magna For Rosecroft

In a compromise decision at the end of a long and difficult meeting, the owners of Rosecroft Raceway in Maryland voted to sell the Standardbred track to Centaur Inc., part owner of the Hoosier Park in Indiana and casinos in California and Colorado.

Remington Park Forced to Run Quarter Horse Dates

The Oklahoma Racing Commission denied Thursday a request by Remington Park to eliminate its Quarter Horse dates for the time being and run only 65 days of Thoroughbred racing next year. Remington Park officials say the decision puts the track in financial jeopardy and may force it to close.

Sunshine Millions: $3.6M in Purses in California, Florida

  • News

The Sunshine Millions, a series for California-breds and Florida-breds, will be held Jan. 25, 2003, according to Magna Entertainment. The program will feature four races each at Gulfstream Park in Florida and Santa Anita Park in California, both of which are owned by Magna.

Lone Star Park Lease Agreement Transfer Approved

  • News

An agreement transferring the master lease on Lone Star Park from the city of Grand Prairie, Texas to Magna Entertainment (MEC) was unanimously approved by the Grand Prairie Sports Facilities Development Corporation (GPSFD), the seven-member board appointed by the city of Grand Prairie to serve as landlord of the track. The transfer is pending approval by the Texas Racing Commission.

Magna's 'Sunshine Millions' Concept Revived

Magna Entertainment Corp. is expected to announce Wednesday that it has reached an agreement with the Florida Horsemen's Benevolent and Protective Association and the Florida Thoroughbred Breeders' and Owners' Association to run the inaugural "Sunshine Millions" on Jan. 25, 2003.

Gulfstream Park's North Annex Razed

Though the declining stock price of its parent Magna Entertainment Corp. prevented Gulfstream Park from the major renovations it had planned, construction crews were at the Hallandale, Fla. track this week, razing a section of the grandstand.

Palm Meadows Expects to Open in November

Magna Entertainment's Palm Meadows, a Thoroughbred training center designed to relieve the stall shortage in South Florida, will be ready for equine residents this winter but dormitories for employees may not be ready.

Magna Skeptics

By Ray Paulick -- If the investment community is unclear about the direction Magna Entertainment is heading, it isn't alone. People in racing also are wondering exactly what chairman Frank Stronach has in mind for the company that has either acquired or has agreements to purchase racetracks in nine states and in one province of Canada.

Magna Skeptics

By Ray Paulick -- If the investment community is unclear about the direction Magna Entertainment is heading, it isn't alone. People in racing also are wondering exactly what chairman Frank Stronach has in mind for the company that has either acquired or has agreements to purchase racetracks in nine states and in one province of Canada.

Magna Skeptics

By Ray Paulick -- If the investment community is unclear about the direction Magna Entertainment is heading, it isn't alone. People in racing also are wondering exactly what chairman Frank Stronach has in mind for the company that has either acquired or has agreements to purchase racetracks in nine states and in one province of Canada.

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