Maryland Jockey Club president Joe De Francis will now oversee customer relations and HorseRacing TV for Magna Entertainment Corp., parent company of Laurel Park and Pimlico Race Course.
As the rebuilt Gulfstream Park races toward its opening day of Jan. 4, 2006, the track's top official said some temporary facilities would be used to accommodate patrons early in the meet.
HorseRacing TV will change its look with the start of the Santa Anita Park meet Dec. 26.
Maryland Jockey Club president Joe De Francis presented a new proposal to horsemen and breeders the week of Dec. 12 and said he believes the three sides are near a deal for 2006 racing dates. Horsemen and breeders, however, said it's not a done deal.
Racetrack officials met with the new leadership of the Jockeys' Guild Dec. 1 to discuss "issues of mutual concern," according to a Guild release.
HorseRacing TV™ announced Monday expanded carriage on Comcast cable systems throughout the Maryland-Virginia area.
A dream came true Nov. 21 for Remington Park officials and Oklahoma horsemen. Shortly before 1 p.m., the track opened the doors of its new $35-million slot-machine casino.
Maryland racing commissioner Terry Saxon said Nov. 8 he would make a proposal for the commission to decide Maryland's racing dates, stabling, and expense-sharing issues at the panel's Dec. 13 meeting if a unified plan hasn't been developed by then.
On the same day it reported a third-quarter loss of $34.5 million, Magna Entertainment Corp. announced it entered into a deal to sell its Pennsylvania operation--The Meadows harness track and a ring of off-track betting parlors in the western part of the state--to Millennium Gaming and Oaktree Capital Management for $225 million.
Magna Entertainment Corp. chairman Frank Stronach provided shelter at the Palm Meadows Training Center for 212 Gulf Coast evacuees on Sept. 4, six days after Hurricane Katrina devastated the region. Friday he made good on his promise to provide shelter a lot closer to their homes.
Magna Entertainment Corp. and Forest City Enterprises have entered into a partnership on the proposed Village at Gulfstream Park, a retail, entertainment, and residential development that will dovetail with racing and gaming operations at the Hallandale Beach, Fla., racetrack.
Magna Entertainment announced late Wednesday that the cost of rebuilding Gulfstream Park has escalated, forcing the need to secure a loan from the general contractor performing the work.
Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.
The Maryland Racing Commission upheld the live racing contract between the state horsemen's organization and the Maryland Jockey Club Oct. 6 after Magna Entertainment Corp., which owns the MJC, proposed slashing the number of live racing dates at Laurel Park and Pimlico Race Course in 2006.
The three major racetrack operators -- Churchill Downs Inc., Magna Entertainment Corp., and the New York Racing Association -- have confirmed along with other racing associations and horsemen's groups the renewal of their membership in the National Thoroughbred Racing Association.
Five years after Frank Stronach first pitched his dream of Dixon Downs, Magna Entertainment's model racing and entertainment complex in Northern California reached a significant milestone Sept. 23 with the release of the draft environmental impact report.
With 2006 a little more than three months away, the National Thoroughbred Racing Association continues to push for membership renewals and seek new members in advance of its annual meeting, scheduled for Oct. 10-12 in Lexington.
Maryland Jockey Club president and chief executive officer Joe De Francis created the picture of a locomotive bearing down on Maryland in the form of Pennsylvania slot machines as he encouraged the Maryland Racing Commission to accept a plan from Magna Entertainment Corp to cut live racing dates from 220 to 112 in 2006.
The Maryland Jockey Club and Magna Entertainment Corp., which operates Pimlico and Laurel Park, plans to slash the number of live racing dates in 2006, from roughly 200 in 2004 and 2005 to 112, in an attempt to bolster purses and level the playing the field with surrounding Mid-Atlantic tracks that use expanded gaming to increase purses.
The Oklahoma Horse Racing Commission officially gave the go-ahead for gaming Aug. 11 at two of the racetracks in the state, Remington Park in Oklahoma City and Blue Ribbon Downs in Sallisaw.
Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.
Feeling the pinch of losing its Bay Meadows lease and the continued drain brought on by the rebuilding Gulfstream Park and Laurel, Magna Entertainment reported $26.9 million in second-quarter losses, the company disclosed Thursday. That translates to a loss of 25 cents a share.
The battle over the franchise to run three New York racetracks got off to an unofficial start Aug. 2 when officials with the New York Racing Association and Magna Entertainment Corp. sparred during an Albany Law School symposium.
Magna Entertainment announced a recapitalization plan July 22 that includes two binding loan agreements with its subsidiary, MI Developments. The plan also includes a bridge loan that a Magna press release said "will permit us to proceed with an orderly marketing and sale of non-strategic real estate, racetracks, and other assets."
The rebuilding of Gulfstream Park is well under way and, according to Magna Entertainment Corp. officials, the facility will be ready when the next live meet begins the first week of January 2006.
Magna Entertainment Corp. has agreed to sell Flamboro Downs, a Standardbred racino in Ontario, Canada, to Great Canadian Gaming Corp., a casino company that continues to add racetracks to its portfolio.
Northville Downs, a harness racetrack in Detroit's western suburbs, has challenged a decision by the Office of Michigan Racing Commissioner to grant a Thoroughbred license to Magna Entertainment Corp. for its planned Michigan Downs.
The Maryland Jockey Club said the installation of sod for the Laurel Park turf course began May 31 under the supervision of turf superintendent Robbie Mitten.
The owner of Colonial Downs hopes the new "Grand Slam of Grass" is eventually worth $10 million and said two turf stakes at the Virginia racetrack that are part of the series would each be worth $1 million in 2006.
Acting Michigan Racing Commissioner Christine C. White awarded the one available racetrack license in the Detroit Metropolitan area to Michigan Racing Inc., a fully owned subsidiary of Magna Entertainment Corporation (MEC).
The Florida House voted May 2 to limit Broward County pari-mutuel facilities to bingo-based gambling machines rather than traditional slot machines and to take 55% of the revenue in taxes. The Senate, meanwhile, wants regular slot machines and a much lower tax rate.
Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.
Magna Entertainment Corp. reported a net loss of $4.12 million for the first quarter of 2005, down from net income of $21.11 million for the comparable period in 2004.
Jack McDaniel, president of Los Angeles Turf Club, Inc., which operates Santa Anita Park, has stepped down after two seasons at the helm, Magna Entertainment Corp. announced in a press release dated April 22.
A top official at Magna Entertainment Corp. acknowledged the racetrack company's substantial debt but said he sees signs of a turnaround, perhaps sometime in 2006.
The Maryland Jockey Club announced April 7 that it has begun the final preparations for the new turf course at Laurel Park.
The HorsePlayer magazine, a handicapping periodical launched in 1994 and published six times a year, said March 29 it would no longer accept advertisements from offshore wagering hubs for its magazine or Web site. The decision is effective immediately.
A 1999 "forbearance agreement" that prevents Magna International from investing in operations such as Magna Entertainment Corp. won't be renewed next year, Magna chairman Frank Stronach told the Toronto Globe and Mail newspaper.
At the final session in a series of city-sponsored public workshops March 19, Magna Entertainment presented its updated proposal for Dixon Downs, the $250 million state-of-the-art racetrack and entertainment complex the company wants to build in Dixon, Calif., 20 miles west of Sacramento.
Paul Cellucci, who formerly served as governor of Massachusetts and United States ambassador to Canada, is the new executive vice president of corporate development for Magna Entertainment Corp. beginning May 1.
Magna Entertainment Corp. must establish a stronger balance sheet before it considers expansion or the acquisition of other racing and gaming properties, said Thomas Hodgson, the newly appointed chief executive officer of the company.
Magna Entertainment Corp. announced Tuesday that Thomas W. Hodgson has been appointed chief executive officer, replacing Jim McAlpine.
Losses sustained during 2004 and the fourth quarter by racetrack operator Magna Entertainment had a negative impact on the financial results for MI Developments during the same periods.
Magna Entertainment Corp. is banking on legislation that would loosen state simulcasting laws and allow Portland Meadows to remain viable.
Attorneys for Magna Entertainment Corp. filed countersuit in Multnomah County Circuit Court in Oregon Feb. 18 to formally answer a $1-million breach-of-contract action brought against the company by the Oregon Greyhound Association.
Despite reporting increased revenues and decreased losses during 2004 and the fourth quarter of the year, Magna Entertainment was negatively impacted by setbacks in the reconstruction of Laurel Park in Maryland and spending on gaming initiatives and regulatory matters.
Bill Bridgen has stepped down from his full-time post as HorseRacing TV's network president, it was announced Feb. 10.
Gulfstream Park has increased its on-track medical insurance for jockeys from $100,000 to $500,000 through the end of its current meet, which concludes April 24.
Gaming at Oklahoma racetracks is closer to reality, Oklahoma Horse Racing Commission officials said Jan. 27 during their monthly meeting. Rules that would govern alternative gaming will be formulated in a month, they said.
The Oregon Greyhound Association filed a $1-million lawsuit against Magna Entertainment Corp. Jan. 20, alleging breach of contract for the company's failure to renew its operating lease for Multnomah Greyhound Park and for canceling the 2005 dog racing season.
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