Magna

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Report: Melnyk New Canadian Leader in Compensation

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.

Fairplex Meet Might be Held at Santa Anita

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.

Magna: More Tracks, Profit-Sharing Plan for Racing

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.

Golden Gate Equine Hospital Gets Go-Ahead

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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.

Price Set for Magna Stock Offering, Stock Jumps

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.

Youbet.com Exec to Join Magna

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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.

TOC Extends Van de Kamp's Contract

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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.

Official: Magna's Florida Training Center Makes Progress

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.

NYRA Plans to Make New Pitch for NYCOTB

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.

Greenwood Exec Gagliano Headed to Magna

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.

Magna Posts Mixed Fourth Quarter, Strong Gains for 2001

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.

TVG Chief Pleased With Early California Account Wagering Figures

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 Stock Hits 52-Week High

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 Wager is Racing's Best Hope, Says Report

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.

A New Beginning for California Racing?

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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.

TV Distribution Still Unclear for California Tracks

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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.

Official: Dixon Downs Plans Continue to Progress

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.

The Endless Fight

By Ray Paulick -- TVG isn't the only one getting hurt by the impasse with Magna over account wagering in California.

McAlpine Challenges Industry, TVG to Embrace Free Enterprise

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.

McAlpine Challenges Industry, TVG to Embrace Free Enterprise

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 Intend to Sue Portland Meadows

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.

TVG Preparing for California Market

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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.

Magna Works on Account Wagering Strategy

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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 Improves Historically Slow Third Quarter

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.

Magna Breaks Ground on Florida Training Center

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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 Closes Deal on Greyhound Track

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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.

Giuliani: Sell NYCOTB to Raise Revenue

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 to Unveil Plan for New Calif. Track

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.

Plans for South Florida Training Center Progress

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.

In-house Project

By Ray Paulick -- In New York, it makes sense for live and off-track wagering to be conducted by the same company.

Rotten Apple

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.

It's Official! Magna Is Winning Bidder For NYCOTB

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 Posts Second Quarter Gains

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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