The 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.
Yesterday
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, 2009
After 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, 2009
A 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, 2009
Thistledown 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, 2009
The 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, 2009
Magna 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, 2009
Magna 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, 2009
The 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, 2009
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
Tuesday, April 07, 2009
Joining 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, 2009
Calder 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, 2009
One 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, 2009
A 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, 2009
Magna 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, 2009
Magna 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.
Tuesday, February 24, 2009
Magna Entertainment Corp. said Feb. 4 it has arranged to pay a $28.5-million licensing fee for slot machines -- but the money will be placed in an escrow account at a Maryland bank.
Wednesday, February 04, 2009
Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.
Wednesday, February 04, 2009
In a jaw-dropping revision, Maryland received requests for far fewer slot machines in five license proposals than previously thought, and two of the six bidders -- including Laurel Park owner Magna Entertainment Corp. -- failed to pay $22.5 million in required up-front fees, a state official said Feb. 3.
Wednesday, February 04, 2009
Churchill Downs Inc. is reviewing its membership in the National Thoroughbred Racing Association, racing industry officials said Dec. 9.
Tuesday, December 09, 2008
Magna Entertainment Corp. announced Nov. 26 an agreement with MI Developments, the company's controlling shareholder, which will allow it to "recapitalize and reposition MEC to enable it to pursue its strategy of horse racing, gaming, and entertainment on a standalone basis."
Wednesday, November 26, 2008
Despite the earlier announcement that Magna Entertainment Corp. had a quarterly loss of $48.4 million and is seeking to sell core assets, including one or more of its top racetracks, management of the company that holds 60% equity interest in MEC continues to be optimistic of a turnaround.
Friday, November 07, 2008
Magna Entertainment Corp. reported a $48.4 million dollar loss in its third financial quarter and announced a financial adviser had been hired to possibly sell one of its core racetracks.
Thursday, November 06, 2008
Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.
Friday, October 10, 2008
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
Tuesday, September 30, 2008
Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.
Friday, August 29, 2008
Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.
Friday, August 08, 2008
The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.
Wednesday, August 06, 2008
Major stakes will be scrapped and the Pimlico Race Course barn area closed until next year's spring meet under changes announced Aug. 6.
Wednesday, August 06, 2008
Magna Entertainment Corp., which posted a $21.25-million loss for the second quarter of 2008, said Aug. 5 it's reconsidering the sale of some assets it expected to unload as part of a debt-elimination plan.
Wednesday, August 06, 2008
