Former AmTote president Ted Mudge began working at Magna Entertainment this week.
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.
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.
- By Ben Baugh
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.
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 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.
- By Jack Shinar
Fairplex Park and Santa Anita Park are in negotiation to bring the Los Angeles County Fair's 17-day end-of-summer race meeting to Santa Anita, a Magna Entertainment Corporation official told stockholders at its annual meeting April 18.
The Oak Tree Racing Association will be the host for the 2003 Breeders' Cup World Thoroughbred Championships at Santa Anita Park.
- By Jack Shinar
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.
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.
- By Tom Precious
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.
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.
Magna Entertainment announced Friday it plans to proceed with an offering of 20 million shares of Class A stock.
The Board of Directors of the Thoroughbred Owners of California, at its March 7 meeting, unanimously voted to extend the contract of TOC president and general counsel John Van de Kamp through 2005.
The owners of Lone Star Park at Grand Prairie agreed Wednesday to sell the horse track to Magna Entertainment Corp. for about $100 million.
Gulfstream Park chairman Doug Donn visited Palm Meadows, the training facility being constructed by the track's parent company, Magna Entertainment Corp., on Feb. 22 and said he was pleased with its progress. The site is located 55 miles north of Gulfstream in Boynton Beach, Fla.
Churchill Downs made a serious attempt in recent weeks to acquire Pimlico and Laurel Park in Maryland. The deal fell apart, however, over issues of control.
- By Tom Precious
Despite plans by the new mayor of New York City to delay the sale of New York City Off-Track Betting Corp., the head of the New York Racing Association said he will make a new pitch to purchase the lucrative corporation.
Jim Gagliano, executive vice president and general manager at Philadelphia Park, will leave that post Feb. 22 to take a job with Magna Entertainment. Gagliano will head Magna's off-track betting operations.
- By Tom Precious
The new mayor of New York did not include the sale of the New York City Off Track Betting Corp. in his city budget for the coming year, but he is keeping his options open next year.
Magna Entertainment reported a 28% gain in fourth quarter revenue, but losses in net income and earnings per share for the three-month period ending Dec. 31. For the year, the Canadian racing conglomerate reported a 25.5% increase in revenue, a jump in net income from $441,000 to $13.5 million, and an increase in diluted earnings per share from 1 cents to 16 cents.
Despite not being able to take bets on the two California Thoroughbred tracks currently operating, the Television Games Network said it is running neck and neck with competing account wagering entity XpressBet on total telephone and Internet handle for the first 12 days of legal advance deposit wagering (ADW) by California residents.
Magna Entertainment stock hit a new 52-week high of $10.25 Friday morning. The Canadian racing conglomerate stock price has been on a steady march upward since mid-January when it was trading for around $7 per share. Churchill Downs and Penn National keep trading at a premium on the heels of a Bear Stearns report on account wagering.
Account wagering offers Thoroughbred racing its best opportunity yet for real industrywide growth, according to a new report from Bear, Stearns, & Co. The 128-page report analyzes the regulatory and technological environment governing account wagering, and offers suggestions about what changes must occur for account wagering to expand.
The California Horse Racing Board has granted licenses to two companies to offer account wagering effective immediately, and betting will begin. But the licenses are time-sensitive, and some deals with horsemen remain in limbo.
With the California Horse Racing Board only days from ruling on four applications for license to conduct advance deposit wagering, it isn't clear where three of the state's major tracks -- Santa Anita Park, Bay Meadows, and Golden Gate Fields -- are going to have their races televised.
Dixon Downs may not be on the fast track, but it's making steady progress toward ground-breaking. That's the report from the front lines in Dixon, the small California town 20 miles west of Sacramento where Magna Entertainment Corp. is hard at work developing a state-of-the-art racetrack.
- By Ray Paulick
By Ray Paulick -- TVG isn't the only one getting hurt by the impasse with Magna over account wagering in California.
Gulfstream Park received permission Tuesday to conduct round-the-clock construction on a new grandstand as soon as its meet ends April 24.
Magna Entertainment is moving forward with its plans to recreate Gulfstream Park in Hallandale, Fla. The plans include specialty shops and entertainment facilities.
Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority. And as Magna prepares to launch its own online and telephone account wagering service in California, McAlpine urged TVG to abandon its exclusive contracts with racetracks and merge its content with Magna's tracks and others.
Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority.
Environmentalists notified Portland Meadows on Nov. 27 that they intend to sue the racetrack for illegally discharging manure into the Columbia Slough. An official with Magna Entertainment, which owns the Oregon racetrack's operating rights, called the lawsuit unfair and said the company has been working closely with the Environmental Protection Agency since assuming control in May.
When California introduces account wagering, the TV Games Network will be ready for a full assault. Perhaps the last great frontier for the home-wagering revolution, the Golden State represents a golden opportunity for TVG when advance-deposit wagering becomes legal in the state Jan. 1, 2002.
With the possibility of account wagering in California as soon as Jan. 1, officials at Magna Entertainment Corp., the owner of three major racetracks in the state, is keeping its plans quiet -- for now.
Magna Entertainment showed some improvement during the third quarter ending Sept. 30, historically the company's weakest period of the year. Revenue for the Ontario-based racing conglomerate increased 31.1% for the quarter and 24.9% for the first nine months of the year.
In a ceremony highlighted by Frank Stronach wearing a hard hat and wielding a shovel, Magna Entertainment Corp. officially broke ground on its new South Florida Thoroughbred training facility Tuesday.
Magna Entertainment has completed its acquisition of Multnomah Greyhound Park in Portland, Ore. The racing conglomerate controlled by Frank Stronach has acquired the operations of Multnomah Greyhound Park for $5.97 million.
Magna Entertainment Corp. will break ground Oct. 30 on Palm Meadows, a major training facility to be located in west of Boynton Beach, Fla., about 47 miles from the company's Gulfstream Park.
- By Tom Precious
New York Mayor Rudolph Giuliani is urging state lawmakers and the governor to approve his plan to sell the New York City Off-Track Betting Corp. to a Magna Entertainment-led consortium as a way to raise much-needed revenues in the aftermath of the Sept. 11 terrorist attacks.
Magna Entertainment and the Environmental Protection Agency have struck a deal that will allow Portland Meadows in Oregon to offer live racing this fall and winter.
Magna officials will be the special guests at a community meeting Oct. 17 in Dixon, a town of about 15,000 located 19 miles west of Sacramento. Magna recently purchased 225 acres in Dixon for $6.3 million and has another 25-acre parcel in escrow.
- By Scott Davis
Magna Entertainment's plans for a year-round training facility in South Florida moved forward Aug. 27 when Palm Beach officials amended local laws to allow the company to build accomodations for up to 500 grooms at its site near Boynton Beach. The previous limit was 20 grooms' quarters.
- By Ray Paulick
By Ray Paulick -- In New York, it makes sense for live and off-track wagering to be conducted by the same company.
- By Ray Paulick
By Ray Paulick -- If the privatization of the New York City Off-Track Betting Corporation was a horse race, the inquiry sign would have lit up immediately after the city's mayor, Rudolph Giuliani, on Aug. 2 announced the bureaucracy would be sold to a group headed by Frank Stronach's Magna Entertainment and Bob Green's Greenwood Racing.
- By Tom Precious
Setting the stage for a nasty battle between two racing giants, New York City Mayor Rudolph Giuliani Thursday afternoon tapped a group led by Frank Stronach's Magna Entertainment over the New York Racing Association as the winning buyer of the lucrative New York City Off Track Betting Corp.
Magna Entertainment reported an 11% increase in revenue and a 21% increase in earnings before interest, taxes, depreciation, and amortization for the second quarter ending June 30. The recent quarter was the first to include all the company's operations.
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