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 International chairman Frank Stronach earned $58.1 million (Canadian) last year, most of it from consulting fees from three European subsidiaries, according to newspaper reports in Canada.
New majority owner of Pimlico, Laurel Park fails to offer details on a promised $15-million renovation project.
Lone Star Park officials have sealed the deal to host the 2004 Breeders' Cup World Thoroughbred Championships.
Hall of Fame jockey Chris McCarron was named general manager of Santa Anita Park, parent company Magna Entertainment Corp. announced Wednesday.
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 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 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.
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.
A flurry of applications for both Thoroughbred and harness licenses in Pennsylvania has been called a "gold rush" by newly elected Governor Ed Rendell.
A top executive for Magna Entertainment Corp. told the California Horse Racing Board's parimutuel committee Wednesday that the company's inability to find suitable television distribution for its Santa Anita signal has "caused us chagrin."
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.
Gulfstream Park reportedly has requested a racing schedule for 2003-2004 that would overlap with the dates historically raced in South Florida by Calder Racecourse.
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.
The first Sunshine Millions has generated interested in the racing community, and also with a national television network.
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 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.
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.
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.
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.
Remington Park has filed an appeal with the Oklahoma Racing Commission to amend its 2003 racing dates. The commission will decide Nov. 14 whether to reconsider the dates.
Magna Entertainment Corp. expects to formally present project development plans for the proposed Dixon Downs in Northern California to the Dixon City Council by the end of the year.
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.
Magna Entertainment Corp. hopes to build a Thoroughbred training facility for up to 2,000 horses on 326 acres in California's Ventura County, in the heart of perhaps the leading strawberry-producing region of the country.
Magna Entertainment Corp. announced Thursday that it had successfully completed the acquisition of Lone Star Park at Grand Prairie.
Magna Entertainment moved a step closer to acquiring Flamboro Downs when a company owned by one of its executives acquired the shares of the Ontario harness track.
Remington Park's general manager Frank Deal has resigned as head of the state's largest racetrack, The Oklahoman reported Monday.
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.
Magna Entertainment Corp.'s $99 million acquisition of Lone Star Park at Grand Prairie was approved Wednesday by the Texas Racing Commission at a meeting in Austin.
Following almost two years of on-again, off-again negotiations, Magna Entertainment has pulled out of negotiations to lease Suffolk Downs, the Boston Herald reported Oct. 15.
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.
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 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.
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.
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.
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.
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.
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.
The California Authority of Racing Fairs (CARF) has became the state's only racing association to complete agreements with all three licensed advanced deposit wagering companies.
International investment bank Dresdner Kleinwort Wasserstein initiated coverage of Magna Entertainment last week and promptly told investors to sell.
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.
Public companies with ties to Thoroughbred racing slumped from 1-20% Monday as the resignation of Tyco International's chairman and growing investor skepticism dragged down the entire market.
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