Though questions persist about TrackNet Media Group, the entity formed by Churchill Downs Inc. and Magna Entertainment Corp. to buy and sell simulcast signals, it has generated an initial positive response from one of the country's major horsemen's groups.
With its proposed Dixon Downs racetrack going before the voters of the town of 17,000 on April 17, Magna Entertainment Corp. has offered to turn the track's 14-acre infield into athletic fields open free to community organizations.
Following reports that Santa Anita might request more time before installing a synthetic main-track surface, Santa Anita President Ron Charles announced Feb. 21 that Magna Entertainment Corp. is committed to installing such a surface this year.
Corey Johnsen has resigned as president of Magna Entertainment Corp. southern operations to join a group of private investors that is in the process of acquiring controlling interest of another North American racetrack.
By Evan Hammonds - During this year's Preakness weekend at Pimlico, the "Magna Entertainment Experience" surrounding the second jewel of the Triple Crown will not be nearly as enriching. On Jan. 25, the Maryland Jockey Club stuck a fork in the Pimlico Special (gr. I) for 2007.
The fate of Magna Entertainment Corporation's $250 million state-of-the-art racetrack for Northern California will be decided in a special election April 17 by the city of Dixon, a town of 17,500 residents 19 miles west of Sacramento.
It didn't take long for foes of the Dixon Downs racetrack in Northern California to attack plans for the $250 million Magna Entertainment project approved by the Dixon City Council on Oct. 23. Already, a citizen group has turned in petitions seeking a referendum to overturn the action, and on Nov. 21, the nearby city of Davis filed a lawsuit aimed at mitigating the development's impact on the region.
Magna Entertainment Corp. announced Tuesday that PA Meadows, LLC, a company owned by Cannery Casino Resorts, LLC, made payment to MEC of $175 million in cash and delivered a $25 million holdback agreement, representing the purchase price for The Meadows, a Standardbred racetrack in Pennsylvania.
HorseRacing, a subsidiary of Magna Entertainment Corp. announced Tuesday, Oct. 31, that it has entered into an agreement with Insight Communications for carriage of HRTV on Insight systems beginning in time for the Breeders' Cup World Championships this Saturday.
Dixon Downs, Magna Entertainment Corp.'s "dream track" for Northern California, got a giant step closer to reality the evening of Oct. 23. But a local group that opposes the project is pushing for a referendum on the project in 2007.
Don Amos, chief operating officer of Magna Entertainment Corp., has retired, the company announced Oct. 12. MEC also announced that it has appointed Jim Bromby and Brant Latta senior vice-presidents of operation.
Magna Entertainment Corp. and Caruso Affiliated announced Sept. 28 they have completed operating agreements for the proposed development of approximately 51 acres of undeveloped lands surrounding Santa Anita Park.
Bally Technologies has signed a contract with Magna Entertainment Corp. to provide a complete slot-machine accounting, casino management, and bonusing solution, and a wide variety of gaming devices, at Gulfstream Park.
Six years after Magna Entertainment Corp. first pitched its idea, Dixon, Calif., city staff officially recommended the approval of Dixon Downs, a $250 million state-of-the-art racetrack and training center proposed for the rural town 20 miles west of Sacramento.
As a result of Gino Roncelli's departure from its board of directors on Aug. 22, Magna Entertainment Corp. is no longer in compliance with Nasdaq's audit committee requirements and must find a new director to return to good standing, it was announced Tuesday.
Magna Entertainment Corp. chairman Frank Stronach indicated his company hopes to be involved in New York racing on some level, and that it also is working with Churchill Downs Inc. on projects that will benefit the two companies and the industry at large.
Magna Entertainment Corp. reported a slightly smaller net loss for the second quarter of 2006 compared with the same period last year, but indicated a working-capital deficiency of almost $140 million remains a problem.
Magna Entertainment Corp. has amended its project financing deal with MID Islandi to add bonds of up to $27.75 million to fund design and construction of a slot-machine facility at Gulfstream Park in South Florida.
Magna Entertainment Corp. announced July 26 that it has exercised its first purchase option to acquire an additional 30% equity interest in AmTote International, Inc. and has sent written notice of its intention to exercise its second purchase option to acquire the remaining 40% equity interest in the wagering technology company.
Paul Micucci, vice president of the gaming division of Magna Entertainment Corp., has been named president and general manager of Gulfstream Park. He replaces Scott Savin, who had held those positions at Gulfstream since 2000.
With a first-quarter earnings report that shows net income of $2.2 million versus a net loss of $4.1 million for the same period a year earlier, Magna Entertainment Corp. is rebounding from what company officials called a very tough year in 2005, officials said.
Unable to strike a deal with the Florida Horsemen's Benevolent and Protective Association on revenue from slot machines, Magna Entertainment Corp. said April 28 it plans to proceed with arbitration under Florida statute to reach an agreement.
Churchill Downs Inc., Magna Entertainment Corp., and Racing UK announced April 7 that the three organizations have reached agreement to partner in a subscription television channel that will broadcast races from CDI and MEC racetracks, as well as other North American and international racetracks, into the United Kingdom and Ireland.
Frank Stronach, chairman of Magna Entertainment Corp., attempted to allay investor fears Thursday on the heels of yet another shakeup in the company's leadership. Stronach said he will serve as MEC's chief executive officer until a replacement can be found for outgoing president and CEO Tom Hodgson, whose departure was announced March 14.
Magna Entertainment announced Monday that Joe DeFrancis, chief executive officer of the Maryland Jockey Club, has been appointed CEO of PariMax, a new company to oversee the development of Magna's "various electronic distribution platforms."
Lou Raffetto Jr. was named president and chief operating officer of the Maryland Jockey Club, with Chris Dragone replacing him at the organization that operates Pimlico and Laurel as vice president and general manager.
Joseph A. De Francis announced Feb. 9 that he is stepping aside as president of the Maryland Jockey Club but will continue as the organization's chief executive officer. Louis J. Raffetto, the MJC's chief operating officer, takes over as president while Chris Dragone becomes senior vice president and general manager.
A recall attempt in the town of Dixon, in part over Magna Entertainment Corporation plans to build Dixon Downs racetrack on the outskirts of the Northern California community, failed to attract enough signatures to qualify for the June 2006 ballot.