Magna

News, Articles, Videos and other content about Magna

Sunshine Millions News

Man From Wicklow, who won last year's Gulfstream Park Breeders' Cup Handicap (gr. I), is currently training at Palm Meadows for a scheduled start in the Sunshine Millions Franks Farm Turf on Jan. 24.

Magna to Introduce New National Wager

Magna Entertainment Corporation announced it is offering a new national Pick 5 wager – the Magna 5 – with a guaranteed minimum pool of $500,000 at its tracks beginning Jan. 31 and continuing each Saturday through May 29.

Biggar Resigns as President of MI Developments

  • News

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.

Handicappers Call for Boycott of Magna

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 Tracks to Cut Free Video Streaming

As of Jan. 12, fans used to watching those grainy images of races from the Web sites of Magna Entertainment Corporation-owned Gulfstream Park and Santa Anita Park will be unable to do so without paying for streaming video service.

Frank Talk

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?

CDSN Simulcast Signals Back at Lone Star Park

  • News

The simulcasting of Churchill Downs Simulcast Network signals from Calder Race Course, Churchill Downs, Hollywood Park and Hoosier Park has resumed at Lone Star Park after a five-day hiatus. A verbal agreement was reached between Lone Star Park and CDSN Wednesday morning, shortly after Lone Star withdrew from the Southern Racing Cooperative.

Progress Made in Pimlico Barn Closure Dispute

The first indication a deal might be worked out to keep Pimlico's stable open for the winter emerged Tuesday. Meetings took place between horsemen's leadership and track management in a Baltimore office and between horsemen's leadership and angry Pimlico backstretch workers in the Pimlico track kitchen.

Maryland Commission's Decision on Stable Closing Unpopular

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.

Plans Approved for Pimlico Redevelopment

  • News

Magna Entertainment Corp. was granted initial approval for a major overhaul of Pimlico that would realign the racetrack and move the grandstand across the infield.

CHRB, Tracks Debate Account Wagering

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.

Here and There

The Horse Farm Workers' Educational Assistance Fund announces 46 scholarship recipients for 2003... MEC appoints Greg Lewis VP television production.

Magna, Horsemen Agree to Sunshine Pact

  • News

Magna Entertainment Corp., the originator of the Sunshine Millions, announced Aug. 13 that it has signed an agreement extending the Florida-California Thoroughbred series through 2006.

Magna Moving Closer on Development of Gulfstream

Magna Entertainment Corp. is actively seeking a third-party developer for a retail-entertainment project at Gulfstream Park that would become "the new front door for the track," Magna's departing chief financial officer Graham Orr said on Friday.

Expansion Pushes Magna Revenues Up 54%

  • News

Magna Entertainment Corp.'s revenues during the second quarter ended June 30 were up 54.2% from a year ago while net income was down slightly, the company reported after the markets closed Thursday night.

Magna Plans to Satisfy Agreement with Maryland Commission

  • News

Magna Entertainment Corp. and the Maryland Racing Commission are working on a document that would satisfy Magna's agreement to spend $5 million on upgrades at Laurel Park and Pimlico Race Course by Aug. 31, said Mike Hopkins, executive director of the commission.

Proposed Magna Spin-Off Would Include MEC

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.

Magna Names New Chief Financial Officer

Magna Entertainment Corp. Thursday announced the appointment of Blake Tohana as an executive vice president and its new chief financial officer, effective July 28, replacing Graham Orr.

Magna Finalizes Purchase of Portland Meadows

  • News

Magna Entertainment Corp. completed on Friday the previously announced purchase of the long-term operating rights for the Portland Meadows racetrack, along with an interest in the Portland Meadows real estate from Portland-based developer Thomas P. Moyer.

Pennsylvania Slots Remain an Uncertainty

  • News

A decision by the Commonwealth Court to vacate a license granted last year to MTR Gaming and opposition by House members to slots in the state is leaving many questions to be answered.

Magna Says Sale of $50 Million in Notes Complete

  • News

Magna Entertainment Corp. said June 24 it has completed its previously announced sale of an additional $50-million aggregate principal amount of 8.55% convertible subordinated notes due June 15, 2010.

Magna Offers Additional $100 Million in Notes

Magna Entertainment Corp. will sell an additional $100 million worth of convertible notes at an annual interest rate of 8.55% through June 2 in hopes of gaining additional capital.

Magna Unveils Construction Plans for Laurel, Pimlico

Magna Entertainment Corp., majority owner of the Maryland Jockey Club, has unveiled what it says is the first phase of an overall plan to rebuild Pimlico and Laurel Park from the ground up - grandstands, racing surfaces and stable areas. The $46-million first phase of the plan will include new stables and training track at Laurel Park.

Magna to Introduce Patron-Friendly Betting Machines

Magna Entertainment Corp. has plans for new pari-mutuel wagering machines designed to make betting easier for first-timers, officials said May 1 during a press conference after the company's annual meeting.

Magna Income Decreases in First Quarter of 2003

Magna Entertainment Corp. reported a $6-million decrease in net income for the first quarter of 2003 compared with the same period in 2002, according to a financial statement released April 30.

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