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.
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.
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.
Churchill Downs Inc. is reviewing its membership in the National Thoroughbred Racing Association, racing industry officials said Dec. 9.
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."
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.
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.
Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.
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.
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.
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.
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.
Major stakes will be scrapped and the Pimlico Race Course barn area closed until next year's spring meet under changes announced Aug. 6.
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.
A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.
Replacement of the asphalt base is likely the next step in the ongoing efforts to improve Santa Anita Park's synthetic surface.
A Magna Entertainment Corp. executive said the company has no plans to sell either of its Maryland racetracks but indicated the results of a statewide November referendum on slot machines could play a role in any decision.
The Maryland racing industry is throwing its support behind a campaign for slot machines, but it remains to be seen whether any racetracks would get the gambling devices should the public approve a statewide ballot measure in November.
Change may be in the wind yet again regarding upper-level Maryland Jockey Club management, but as of May 15, officials with MJC owner Magna Entertainment Corp. said there's nothing to announce.
Officials with Magna Entertainment Corp. and the Thoroughbred Horsemen's Group have met twice recently to discuss the ongoing conflict over revenue splits for advance deposit wagering, though the sides aren't close to striking a deal.
Magna Entertainment Corp. said it is "considering all of its legal options" after the Oregon Racing Commission rejected its request to allow installation of Instant Racing gaming terminals at Portland Meadows April 25.
The financial health of Magna Entertainment Corp. could become part of the debate about legalizing slot machines in Maryland, as supporters and detractors ready for a statewide referendum in November.
The clock is ticking on negotiations between the Ohio Horsemen's Benevolent and Protective Association and Thistledown, the Cleveland-area racetrack whose 2008 Thoroughbred meet is in jeopardy because of a conflict over racing dates.
Magna Entertainment Corp. confirmed March 3 the resignation of Joseph De Francis from the company's board of directors.
Share of Magna Entertainment Corp. have traded under $1 for more than 30 straight days, prompting NASDAQ to notify the racing and gaming company it was out of compliance with marketplace rules and faces delisting.
Former Ohio State Racing Commission chairman Scott Borgemenke has been named executive vice president for racing with Magna Entertainment Corp., according to the a published report.
Santa Anita Park president and chief executive officer Ron Charles has taken on additional duties with the parent company of the racetrack after accepting an appointment as chief operating officer of Magna Entertainment Corp., it was announced Jan. 7.
Gulfstream Park will have still another new look when it opens its season Jan. 3, 2008, and track president and general manager Bill Murphy says the latest changes come "from listening to what people wanted."
A controversial plan to shave live racing dates at Thistledown in 2008 could result in the halt of full-card simulcasts at the Cleveland-area racetrack in 2009.
Gulfstream Park and the affiliated Palm Meadows Training Center have received about 3,600 stall applications for 2,452 stalls, officials at the South Florida racetrack said.
Santa Anita Park will shake up its racing schedule this winter in what it says is an effort to stimulate on-track business.
Northern California horsemen are hoping that Tapeta Footings, unveiled Nov. 7 at Golden Gate Fields, will put the bounce back in their racing circuit.
- By Tom Precious
A consortium of major horse industry companies vying for the Thoroughbred franchise in New York began falling apart Oct. 10, as Magna Entertainment Corp., Churchill Downs Inc., and Delaware North announced their withdrawal from Empire Racing Associates.
Magna Entertainment Corp. has exercised its option, pursuant to an agreement with certain companies controlled by Joe De Francis and his sister, Karin De Francis, to acquire the remaining interest in the Maryland Jockey Club, which operates Laurel Park and Pimlico Race Course.
The Oregon Racing Commission has approved the 2007-08 Portland Meadows race meet application submitted by MEC Oregon Racing.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
Hearing complaints from fans and state legislators, the California Horse Racing Board tried to tackle two fronts on how to maintain integrity for the sport: late wagers and board conflicts.
Magna Entertainment Corp. and two Oregon horsemen groups have agreed to an abbreviated 60-day meet to begin this fall at Portland Meadows.
AmTote, a wholly-owned subsidiary of Magna Entertainment Corp., has entered into a tote service agreement with Woodbine Entertainment Group in Canada.
Trying to undo the negative fallout over comments by his company's new CEO, Magna Entertainment founder Frank Stronach pledged $24 million for installation of synthetic racing surfaces at Santa Anita Park and Golden Gate Fields as well as much needed refurbishing of the Santa Anita barn area.
Magna Entertainment Corp. said June 7 it has agreed to sell its San Luis Rey Downs training facility in Southern California to a subsidiary of MI Developments, its parent company, for $24 million.
The group I Gran Premio Latino Americano, one of South America's most prestigious stakes, will be run at Gulfstream Park in 2008 pending regulatory approval, Magna Entertainment Corp. announced May 19.
Empire Racing Associates has released the names of a team of racing-operations professionals, many from Churchill Downs Inc. and Magna Entertainment Corp., that will lead its racing transition team should Empire Racing be awarded the New York Thoroughbred racing franchise.
Youbet.com won't be offering Derby wagering this year, but its customers will have a shot at $1 million in a contest tied to the two marquee races at Churchill Downs this Friday and Saturday.
TVG has a new distribution agreement with DIRECTV that will make the network available to an additional eight million subscribers of the satellite service.
A temporary ban on the release of race video replays from Magna Entertainment tracks may continue through the end of the week for Post Time Technologies business partners, which include The Blood-Horse and the National Thoroughbred Racing Association.
A decision by the AmericaTAB account wagering consortium to join TrackNet Media Group is a sign of support for efforts by Churchill Downs Inc. and Magna Entertainment Corp. to end exclusive contracts, an official said.
TrackNet Media Group will be a content provider for AmericaTAB under an agreement announced April 18.
An upscale mall to be constructed in Santa Anita's main parking lot took a step forward April 17 when the Arcadia City Council unanimously approved the project. The meeting lasted six hours before the council adjourned and then returned for another hour later in the day.
Voters in the farm town of Dixon, Calif., turned down Magna Entertainment Corporation's proposed $250 million horse racing complex by less than 300 votes April 17.
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