Magna

News, Articles, Videos and other content about Magna

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.

Magna Unveils Revisions for $250-Million Dixon Downs

Magna Entertainment Corp.'s plans for Dixon Downs, the company's ideal "racetrack of the future," are finally headed to the starting gate. On March 3, MEC submitted its detailed proposal for the $250-million project to the city of Dixon, located 19 miles west of Sacramento, Calif.

Magna Expansion Results in $14.3 Million Loss

Magna Entertainment Corp. had increased revenue in 2002 but the continued expansion of its roster of racetracks along with the costs of launching Xpressbet and Horse Racing TV resulted in losses of $14.3 million in 2002.

Magna Seeks Long-Term Rights to Portland Meadows

  • News

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 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.

Magna Appeals Licensing of Proposed Erie Track

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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.

Magna Makes Pitch for Slots in Maryland

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Revitalization of Pimlico Race Course could begin immediately and be completed within 24 months if slots legislation is passed in Maryland, Magna Entertainment Corp. president Jim McAlpine told members of the Maryland General Assembly on Monday.

Magna Gains $75 million through Notes Sell-Off

  • News

Magna Entertainment Corp. earned net proceeds of $72.75 million through its sale of Convertible Subordinated Notes, which will now used to pay for capital expenditures and other general corporate purposes.

Palm Meadows Opens for Training

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Magna Entertainment Corp.'s long-awaited South Florida training center Palm Meadows opened for business on Monday. About 250 horses were expected to work opening day.

Magna Gets Approval to Operate Colonial Downs

The Virginia Racing Commission approved Wednesday an application that allows Maryland Racing Inc. to acquire a majority interest of the Colonial Downs operator's license. Maryland Racing is owned by Magna Entertainment Corp. With the approval, Magna Entertainment's purchase of Laurel Park and Pimlico can be finalized.

New Tote Security Measures Announced

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The NTRA's wagering technology working group on Friday called for three intitial, concrete steps to improve electronic wagering security in an effort to increase customer confidence. The steps will be implemented immediately by Churchill Downs, Magna Entertainment, and the New York Racing Association, as well as by the three largest totalisator companies. Other racetracks and off-track wagering operators were expected to sign on as well.

NTRA Enlists Security Expert to Test Tote Systems

The National Thoroughbred Racing Association's newly implemented Wagering Technology Working Group has enlisted Ernst & Young's technology and security risk services to assess and test the security systems currently in place at the three major tote companies.

Oklahoma Dates Compromise is No Solution, Say Horsemen

The Oklahoma Racing Commission approved a compromise racing schedule that tried to preserve a Quarter Horse meet at Remington Park, while allowing the financially trouble track to stay open. The trouble is that no one likes the compromise and some feel it was railroaded through by the commissioners.

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

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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.

Rosecroft Hears Offers; Magna is Highest Bidder

  • News

Rosecroft Raceway, a harness track in Maryland, will be sold, possibly to Frank Stronach's Magna Entertainment. Magna has recently purchased a majority interest in the Maryland Jockey Club, which operates Pimlico and Laurel Thoroughbred tracks.

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 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.

Magna Stops Buying Spree...For Now

  • News

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.

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.

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.

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