Magna Entertainment

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Magna Awaits Approval to Purchase Lone Star Park

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Magna Entertainment Corp. is still waiting for the green light from the Texas Racing Commission to acquire ownership of Lone Star Park in Grand Prairie. A background check by the Texas Department of Public Safety is under way.

Lanni Leaves Magna Board of Directors

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Citing time constraints due to his responsibilities as chairman of the board and CEO of MGM Mirage, Terrence Lanni has resigned from the board of Magna Entertainment.

Magna Stops Buying Spree...For Now

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Magna Entertainment's buying spree is over for the time being. The Ontario-based racing conglomerate has shifted its focus toward making the 10 racetracks it owns and manages more efficient and profitable.

In Michigan, Racetrack Gaming Part of Proposal

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The future of Michigan's Thoroughbred industry may lie squarely in the hands of three departing Republican politicians who are working against a year-end deadline to decide the fate of a legislative package that could reinvigorate racing in the state.

NYRA Chairman Criticizes Magna Investment in Maryland

Early in a program about the Saratoga season at the National Museum of Racing Monday night, New York Racing Association chairman Barry Schwartz criticized the recent purchase of a majority interest in the Maryland Jockey Club by Frank Stronach's Magna Entertainment.

Maryland Track Deal Figures to Have Broad Impact

Magna Entertainment has plans to transform Maryland's premier Thoroughbred racetracks into "destination entertainment centers," and apparently expand off-track wagering in the state. At this time, though, officials are reluctant to discuss details.

Magna Buys Majority Interest in Pimlico, Laurel Park

Magna Entertainment will hook up with Joe and Karin De Francis to own and operate Laurel Park and Pimlico Race Course under a $117.5-million deal announced July 15. At least a partial sale of the two Maryland racetracks has been rumored for months.

Account Wagering Goes Into Effect in Massachusetts

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Recent approval from the Massachusetts State Racing Commission of the TVG network and Magna Entertainment's XpressBet system means bettors there soon will be able to sign up for account wagering with either provider.

Rank-And-File Have Say; Meet Stays at Fairplex

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Bowing to pressure from a torrent of racing industry insiders, the California Horse Racing Board turned thumbs down June 26 on the Los Angeles County Fair's plan to move its 17-day 2002 meet to Santa Anita Park.

MJC Attorney: No Deal Made for Sale of Racetracks

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A Maryland Jockey Club attorney told Maryland legislators June 25 that no deal has been made to sell Laurel Park and Pimlico Race Course to Magna Entertainment, and that any deal would have to clear major regulatory hurdles.

CHRB Sets Meeting to Decide Fairplex Dates Issue

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A decision on the Los Angeles County Fair's plan to move its September race meet from Fairplex Park to Santa Anita Park is expected when the California Horse Racing Board meets June 26 at 10 a.m. at the Los Angeles Crowne Plaza Hotel.

Magna Introduces 'Betty' to XpressBet Customers

XpressBet Betty, the English-only voice recognition system, is the latest innovation in home account-wagering technology from Magna Entertainment Corp. It allows phone bettors to place wagers by simply speaking, and works without need of a live operator.

Del Mar is Latest to Oppose Fairplex Dates Proposal

The Del Mar Thoroughbred Club has formally opposed the proposed transfer of this year's Fairplex Park meet to Santa Anita Park. The Del Mar board of directors met during a special session May 29 and voted unanimously to oppose the plan.

Hope Remains for Detroit Area Thoroughbred Track

Michigan's racing commissioner said her office continues to field inquiries from companies interested in operating a Thoroughbred track in the Detroit metropolitan area, something horsemen believe is a key to any future growth for the sport.

Fairplex Strikes Deal to Move Meet to Santa Anita

Fairplex Park and the Los Angeles Turf Club have reached an agreement to move the county fair's annual 17-day end-of-summer meet to Santa Anita Park beginning this September, and have requested a change of venue from the California Horse Racing Board to be heard at its June 6 meeting.

Fairplex Park Dates to be Run at Santa Anita

Fairplex Park and the Los Angeles Turf Club have reached an agreement to move the county fair's annual 17-day end-of- summer meeting to Santa Anita Park beginning this September and have requested a change of venue from the California Horse Racing Board to be heard at its June 6 meeting.

Report: Melnyk New Canadian Leader in Compensation

Biovail Corp. chairman and chief executive officer Eugene Melnyk has topped Magna International chairman Frank Stronach in terms of highest compensation in corporate Canada in 2001, the Toronto Globe and Mail reports.

NYRA Franchise Extension Approved by Legislature

A deal to extend the New York Racing Association's franchise to run three tracks in the state was approved May 16 by the Senate and Assembly as part of a state budget package. NYRA must have VLTs in operation at Aqueduct by April 1, 2003.

Magna Revenues Rise, Net Income Declines

Magna Entertainment, the publicly-held racetrack and off-track betting company, reported that revenues increased to $248.8 million during the first quarter of fiscal 2002, compared with $244.5 million for the same period one year ago.

Magna: More Tracks, Profit-Sharing Plan for Racing

Look for more of the same from Magna Entertainment, which has built itself into the largest operator of Thoroughbred racetracks in the country, in the next two years. In addition, company chairman Frank Stronach has proposed a plan to split profits from racing.

Takeout Hike Still Option in Workers' Comp Crisis

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California racing officials pondering what to do about a building workers' compensation insurance crisis are closer to submitting legislation that would increase pari-mutuel takeout in the state.

Golden Gate Equine Hospital Gets Go-Ahead

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Construction on a 3,600-square-foot equine medical facility at Golden Gate Fields can finally begin. The project was approved April 9 by the planning commission in Albany, Calif., where the track is located.

Price Set for Magna Stock Offering, Stock Jumps

An offering of 20 million shares of Magna Entertainment (Nasdaq:MIEC) was priced at $6.65 Thursday through underwriters Bear Stearns. The update on the offering caused the company's stock to rise as much as 13.4 percent during trading on Friday.

State Questions Gulfstream-Pompano Simulcasts

A week-old agreement between Gulfstream Park and neighboring Standardbred track Pompano Park to exchange simulcast signals may be imperiled by the opinion of the Florida Division of Pari-Mutuel Wagering that such an agreement violates state law.

Youbet.com Management Outlines New Focus

A founder of Youbet.com who recently rejoined the pari-mutuel wagering network says the company's new management team is focusing on marketing, cooperative efforts with racetracks, and raising capital.

Youbet.com Exec to Join Magna

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Ron Luniewski, the co-chief executive officer of Youbet.com, is resigning from the online horse racing wagering company to run Magna Entertainment's new XpressBet interactive wagering business.

VLT Legislation Proceeding in Florida

The sponsor of legislation that would authorize video lottery terminals at Florida's pari-mutuel facilities said budget concerns in the state give it some chance to pass. Meanwhile, two VLT bills in the Senate cleared committee March 6 and could be combined.

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