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MI Developments reported its racing and gaming business lost $76.68 million in 2010, with a loss of $47.29 million for the fourth quarter of last year, the company reported March 10.
Friday, March 11, 2011A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.
Tuesday, September 21, 2010
In the latest management change at Gulfstream Park, media relations executive Caton Bredar and marketing executive Mike Cronin are no longer at the Hallandale Beach, Fla., track effective June 10.
Monday, June 14, 2010
Ron Charles, who has served as president of Santa Anita's Los Angeles Turf Club since 2004, has resigned. His last day will be May 19.
Tuesday, May 18, 2010
A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
Tuesday, April 27, 2010
The former owners of Laurel Park and Pimlico have reached a settlement with Magna Entertainment over the DeFrancis family's rights to future slots profits at the Maryland tracks.
Tuesday, March 23, 2010
The California Horse Racing Board disputes more than $3 million that it contends belonged to off-track wagering entities when Magna Entertainment Corp. filed for bankruptcy one year ago.
Thursday, March 18, 2010
Golden Gate Fields in Northern California is the 15th racetrack to be fully accredited by the National Thoroughbred Racing Association Safety and Integrity Alliance.
Friday, February 19, 2010The California Thoroughbred Trainers reported Feb. 16 that San Luis Rey Downs will close as a Thoroughbred training center effective March 15.
Wednesday, February 17, 2010
Santa Anita Park officials have indicated the California track's main racing surface will be replaced, but it remains to be seen if the new surface will be synthetic or dirt.
Tuesday, January 19, 2010
Creditors of Magna Entertainment Corp. have apparently reached an agreement that will end the racetrack operating company's bankruptcy case.
Monday, January 11, 2010
The Anne Arundel County Council Dec. 21 approved a zoning measure that will facilitate slot machines at the Arundel Mills Mall, but also OK'd a measure that allows slots at Laurel Park.
Tuesday, December 22, 2009
A new entity called Blow Horn Equity has submitted a bid for the Maryland Jockey Club assets, the company announced Dec. 18.
Monday, December 21, 2009
Though a state commission ruled its application for a gaming license incomplete, Laurel Park will continue its push for slot machines Dec. 17 by discussing its "advanced status" to construct a slots facility.
Wednesday, December 16, 2009The Chickasaw Nation won preliminary approval Nov. 19 for a 2010 racing and gaming license at Remington Park, which expects to purchase the Oklahoma racetrack from Magna Entertainment Corp. for $80 million.
Friday, November 20, 2009
Ken Dunn, formerly of Calder Casino & Race Course, has joined the Gulfstream Park management team, the South Florida racetrack announced Nov. 2.
Monday, November 02, 2009After failing to attract a qualified bid for Santa Anita Park this summer, bankrupt Magna Entertainment Corp. is prepared to try it again early next year. Meanwhile, a committee of horse owners from the Thoroughbred Owners of California is continuing to negotiate the purchase of the picturesque 303-acre racetrack, site of the 2009 Breeders' Cup.
Thursday, October 29, 2009
A Delaware bankruptcy judge approved the sale of Magna Entertainment Corp.-owned Thistledown in Ohio to Harrah's Entertainment for $89.5 million and Remington Park in Oklahoma City for $80.25 million to a Chickasaw Nation subsidiary. An agreement also has been reached to sell Lone Star Park for $27 million.
Tuesday, September 15, 2009
The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.
Wednesday, September 09, 2009
An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.
Friday, September 04, 2009
MI Developments, parent company of Magna Entertainment Corp., said Aug. 12 debtors filed a motion seeking court approval to sell MEC-owned Remington Park Racing & Casino in Oklahoma to a third party for $80.25 million pending "higher and better offers."
Thursday, August 13, 2009A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.
Thursday, July 30, 2009Thistledown race track in North Randall, Ohio made a required $36,000 payment toward a bond, which allows it to remain open, the Cleveland Plain Dealer reported June 17 on its Web site, cleveland.com.
Wednesday, June 17, 2009
The Thoroughbred Owners of California is among the interested bidders in Santa Anita Park, an organization official confirmed.
Sunday, June 07, 2009The Florida Legislature passed a gaming bill May 8 that includes several changes sought by the state's Thoroughbred industry, and a compromise on the contentious issue of table games at the Seminole Tribe of Florida's casinos.
Friday, May 08, 2009Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
Friday, May 08, 2009
Magna Entertainment Corp. submitted a new court plan May 1 to auction off some of its racetracks, including Santa Anita Park, as part of its Chapter 11 bankruptcy reorganization.
Saturday, May 02, 2009
Breeders' Cup said April 29 this year's two-day World Championships will remain at Santa Anita Park.
Wednesday, April 29, 2009Magna Entertainment Corp. is asking a Delaware bankruptcy judge to approve an agreement to keep this year's Breeders' Cup World Championships at Santa Anita Park even if the California track ends up in the hands of a new owner.
Friday, April 24, 2009
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
Monday, April 20, 2009The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.
Thursday, April 16, 2009Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
Tuesday, April 07, 2009Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.
Thursday, April 02, 2009Calder Race Course March 31 submitted its final filing for 2009-10 racing dates to the Florida Division of Pari-Mutuel Wagering, and it confirms earlier reports that Calder will not run head-to-head with nearby Gulfstream Park during that period.
Wednesday, April 01, 2009
Thistledown, at the suggestion of the Ohio Horsemen's Benevolent and Protective Association, has suspended the $300,000 Ohio Derby (gr. II) for 3-year-olds. The race was to have its 75th running in 2009.
Wednesday, April 01, 2009
Mounting a defense for the Preakness Stakes (gr. I) at Pimlico Race Course, the state of Maryland and the city of Baltimore went to court March 27 to keep the second leg of the Triple Crown in the state because of uncertainties raised by the bankruptcy of Pimlico owner Magna Entertainment Corp.
Saturday, March 28, 2009
Thistledown owner Magna Entertainment Corp. has met the deadline for payment of a $1-million bond to the Ohio State Racing Commission, which means the Cleveland-area racetrack will not have its operating permit suspended.
Friday, March 27, 2009
Gulfstream Park said March 27 it will run its next meet from Jan. 3, 2010 to April 24, 2010, ending speculation it could seek dates in November and December of 2009.
Friday, March 27, 2009One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.
Friday, March 27, 2009
The California Horse Racing Board got a bit of good news March 19 when the president of Hollywood Park assured commissioners that it would run its 2009 fall/winter meet as planned. The board also received an update on bankruptcy developments from Magna Entertainment Corp.
Thursday, March 19, 2009
The Ohio State Racing Commission ruled March 19 that Thistledown's racing permit will be suspended as of March 28 if parent company Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection March 5, fails to renew a $1-million bond.
Thursday, March 19, 2009
The Maryland Jockey Club March 17 officially unveiled a 2009 spring stakes schedule at Pimlico Race Course that's down about $1 million from last year and doesn't include the grade I Pimlico Special.
Tuesday, March 17, 2009
Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.
Tuesday, March 17, 2009
The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.
Tuesday, March 10, 2009A representative from the Magna Entertainment Corp. assured the California Horse Racing Board March 6 that the company "is not going out of business" in spite of its bankruptcy petition and that horsemen purse accounts and customer winnings will be paid on an ongoing basis.
Friday, March 06, 2009Magna Entertainment Corp. claims it owes more than $235 million to its largest 50 unsecured creditors, including many prominent names in the Thoroughbred racing and breeding industry.
Friday, March 06, 2009
Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.
Thursday, March 05, 2009
With Magna Entertainment Corp. reportedly in financial peril, the California Horse Racing Board has called an emergency meeting March 6 to determine the status of the MEC-owned tracks in the state, Santa Anita Park and Golden Gate Fields, as well as the company's licensed advance deposit wagering entity, XpressBet.
Wednesday, March 04, 2009Magna Entertainment Corp. and partner Forest City Enterprises announced Feb. 26 the first 32 tenants for the retail portion of their The Village at Gulfstream Park development. Plans for the $1.2-billion complex, adjacent to Gulfstream's clubhouse/casino building, include a hotel and condominiums on the property in Hallandale Beach, Fla. Meanwhile, officials are reluctant to speculate on a possible bankruptcy filing by MEC.
Thursday, February 26, 2009
A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.
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