A business associated with Magna Entertainment founder and chairman Frank Stronach has increased its ownership of the racing conglomerate stock to 5.8%.
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.
Purses will go up in Nothern California beginning with the California State Fair meet Aug. 21, and the Bay Meadows meet Aug. 30.
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.
Stymied in recent efforts to enter the New York racing market, Magna Entertainment is still highly interested in moving its way into the lucrative betting state, the company's president said Aug. 6.
Magna Entertainment took another major hit in the stock market Monday when its stock dropped 14% to $3.45.
In his first public comments about specific plans for Maryland racing, Magna Entertainment chairman Frank Stronach said the company will tear down Pimlico Race Course and build a new track on the same site.
Magna Entertainment's stock plunged Friday on the heels of a second quarter earnings report that failed to meet analysts' projections. The stock fell 20.6%, a loss of $1.04, on heavy trading to $4.01.
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.
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.
Magna Entertainment reported mixed results for its second quarter on Wednesday and announced it had delayed a major renovation of Gulfstream Park.
The percentage of California handle attributed to advance deposit wagering (ADW) is slowly growing, with 5.7% of in-state handle now traced to bets made through one of three account wagering providers.
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.
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 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.
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.
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.
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.
International investment bank Dresdner Kleinwort Wasserstein initiated coverage of Magna Entertainment last week and promptly told investors to sell.
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.
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.
Magna Entertainment Corp. announced Tuesday an agreement to buy Flamboro Downs Holdings for $47 million, which will give the Ontario-based racetrack conglomerate its first racetrack in Canada.
Former AmTote president Ted Mudge began working at Magna Entertainment this week.
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.
Magna Entertainment Corporation is proposing a major integrated commercial and entertainment complex to be built adjacent to Golden Gate Fields, its Albany, Calif., racing and simulcast operation.
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.
The proposed transfer of Los Angeles County Fair racing dates from Fairplex to Santa Anita Park has drawn immediate opposition from another tenant of Santa Anita, the Oak Tree Racing Association, as well as others.
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.
- By Jack Shinar
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.
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.
The recent sale of 10 residential lots has lead to further speculation that Magna Entertainment may indeed build a Thoroughbred racetrack in Marion County, Fla.
Magna Entertainment could complete a deal to buy Pimlico Race Course and Laurel Park within the next several weeks, according to a report by the Washington Times.
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.
Good weather and lower takeout were credited with producing double digit increases in average attendance and significant gains in average on-track handle at Aqueduct.
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 Entertainment plans to a launch this summer a 24-hour horse racing network that promises to educate and entertain viewers. The Canadian racing conglomerate also is planning a national off-track betting network.
Good weather and the introduction of account wagering helped Santa Anita Park exceed $1 billion in total handle for the third time in five years.
The Oak Tree Racing Association will be the host for the 2003 Breeders' Cup World Thoroughbred Championships at Santa Anita Park.
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.
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.
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.
To end the "destructive competition" and bolster revenues for both entities, the New York City Off-Track Betting Corp. should be merged with the New York Racing Association to create a new industry powerhouse, NYRA chairman Barry Schwartz said.
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.
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.
The possible purchase of Laurel Park and Pimlico Racecourse by Magna Entertainment has drawn opposition from some members of the Maryland Racing Commission, according to a report in Friday's edition of the Washington Post.
The California Horse Racing Board heard a positive report on the startup of account wagering. But it was tempered by concern over a leveling off of activity in recent weeks. It was also reported that an agreement still has to be reached for the upcoming Hollywood Park meet.
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.
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.
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.
Magna Entertainment announced Friday it plans to proceed with an offering of 20 million shares of Class A stock.
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