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Report: De Francis Takes on More Duties for MEC

  • News

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.

Maryland Horsemen, Breeders Digest Dates Plan

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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.

Maryland Regulators Demand Unified Racing Plan

  • News

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.

MEC Reports Loss; Has Deal to Sell Pennsylvania Operation

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.

Katrina Evacuees Moved to 'Magnaville'

  • News

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.

MEC Has Partner for Gulfstream Park 'Village'

  • News

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's McAlpine Retires

  • News

Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.

Maryland Panel Upholds Live Racing Contract

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.

'Big Three,' Others to Renew NTRA Membership

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.

Dixon Releases Track's Environmental Draft

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.

NTRA Approaches Critical Point on Memberships

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 in Turmoil Over Plan to Slash Dates

  • News

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.

MEC Hopes to Identify Partners This Year

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.

Magna Reports 2nd Quarter Loss of $26.9M

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.

Officials Knock Heads Over Racing Franchise

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 Announces Recapitalization Plan

  • News

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."

New Turf Series Could Grow to $10 Million

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.

Magna Entertainment Lands Michigan Racing License

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).

Florida Lawmakers Differ on Slots, Tax Rate

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.

MEC Banks on Profitability--and Slots--by 2007

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.

Magazine Drops Ads From Offshore Entities

  • News

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.

MEC Could Benefit From Agreement Termination

  • News

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.

Smaller Version of Gulfstream Seen for Dixon

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.

MEC Hires Former Massachusetts Governor

  • News

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.

CEO Says MEC Must First Improve Balance Sheet

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.

MEC Files Countersuit in Oregon

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.

Oklahoma Regulators Preparing Gaming Rules

  • News

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.

Greyhound Group Sues MEC Over Multnomah

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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