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XpressBet Approved in Washington

  • News

XpressBet received a license from the Washington Horse Racing Commission to become the second authorized advance deposit wagering provider in the state Oct. 14.

MI Developments Won't Buy Out Magna

MI Developments, which owns 59% of the equity in Magna Entertainment Corp., announced Thursday that it will not proceed with plans to take the racetrack conglomerate private by acquiring all outstanding shares.

MI Developments Names 'Lead Director'

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M. Douglas Young has been appointed lead director of MI Developments' board of directors, the company announced Sept. 2. MID is a Magna company that is seeking to purchase the stock of Magna Entertainment Corp.

Magna Posts Losses But Growth Plan Continues

Magna Entertainment Corp. recorded a net loss of $25.4 million in the second quarter of 2004, but officials said the company continues to "see meaningful results" from cost-cutting initiatives and the work of its Continuous Improvement Team.

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.

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.

Stronach Tells Shareholders MEC is Turning Corner

Magna Entertainment Corp. chairman Frank Stronach told shareholders Tuesday he expects the company to reach consistent profitability within one to three years through continued development of the company's racetracks and new self-service betting machines he believes will become more popular than slot machines.

Maryland Tracks May Add 'Next Generation' of Betting Machines

  • News

Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course, is considering seeking approval for a plan that would let handicappers bet on live racing from around the country using machines that have a lot of the appeal of slot machines.

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.

Magna Racino Opens in Austria

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Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.

Brian Tobin Elected Magna Vice Chairman

  • News

The board of directors of Magna Entertainment Corp. announced Wednesday that it has elected Brian Tobin as a director and vice-chairman of the MEC Board. Tobin is the chief executive officer and a director of MI Developments Inc., which is the majority shareholder of MEC.

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.

Roussel Offers $30 Million for Fair Grounds

  • News

Louie Roussel III, who owned a controlling interest in Fair Grounds until 1990, is the latest to make an offer for the New Orleans track. A week after Churchill Downs Inc. bid $28.5 million for Fair Grounds, Roussel upped the offer to $30 million, according to published reports.

Oklahoma Gaming Bill Signed Into Law

  • News

Oklahoma Gov. Brad Henry signed a bill Monday that allows electronic gaming machines at three racetracks in the state. A bill-signing ceremony was scheduled for Tuesday.

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 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.

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.

McAlpine Stresses Improving Outlook for Calif. Racing

While business at Santa Anita Park and Golden Gate Fields is off in 2004, the president and chief executive officer of parent company Magna Entertainment Corporation told the California Horse Racing Board on Feb. 19 that the outlook is improving.

Preliminary Approval Given for Pimlico Expansion

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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.

Golden Gate to Reduce Purses by 3.8%

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Golden Gate Fields will reduce overnight purses by 3.8% beginning Feb. 11 due to total handle falling short of expectations, track officials announced Friday.

Magna's Bedding Plant Set for Launch

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Magna Entertainment Corp.'s straw-processing plant in North Carolina, which will produce bedding for Magna's stable of racetracks, is expected to begin production late next week.

Dixon Downs Meeting Sparsely Attended

After a public hearing attended by less than a dozen residents in Dixon, Calif. Thursday, Magna Entertainment Corporation was prepared to take the next major step for its proposed Dixon Downs racetrack – preparation of a draft environmental impact report.

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.

Magna Makes Moves on Michigan Downs

  • News

Magna Entertainment Corp. removed another obstacle to bringing Thoroughbred racing back to the Detroit area on Tuesday when it applied to transfer its Great Lakes Downs racing license to a Delaware corporation.

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