MI Developments Inc., majority owner of Magna Entertainment Corp., reported a net income of $17.52 million on revenues of $324.93 million for the first three months of 2004.
The New York Racing Association and Magna Entertainment Corp. again are discussing merger possibilities, two months after the NYRA board flatly rejected a bid by Frank Stronach's company to become financial partners.
Magna Entertainment Corp. chairman Frank Stronach told shareholders Tuesday he expects the company to reach consistent profitability within one to three years through continued development of the company's racetracks and new self-service betting machines he believes will become more popular than slot machines.
Not near a racetrack or OTB? Want to bet the Preakness? Then you'll need to open an account with XpressBet, the wagering platform of Pimlico Race Course owner Magna Entertainment Corp.
Tampa Bay Downs, the only Thoroughbred racetrack on Florida's Gulf Coast, continued to make forward strides during its 2003-04 meet with substantial gains in attendance and handle.
Magna Entertainment Corp., which owns Laurel Park and Pimlico Race Course, is considering seeking approval for a plan that would let handicappers bet on live racing from around the country using machines that have a lot of the appeal of slot machines.
Magna Entertainment Corp. and real-estate company Forest City Enterprises, Inc. will partner on a planned 80-acre development at Gulfstream Park that will include retail and entertainment facilities and a residential village that overlooks the track.
Profits at Pimlico Race Course fell almost 58% in 2003, according to a financial report filed with the Maryland Racing Commission.
Chalk up an added entry in the already crowded field to build a Thoroughbred racetrack in the Detroit metropolitan area.
The pari-mutuel industry April 9 officially acknowledged an initiative designed to upgrade the infrastructure of wagering systems and improve security and network capabilities.
Magna Entertainment Corp. chief executive officer Jim McAlpine received a $200,000 bonus last year for his "contribution to the growth and development of MEC during fiscal year 2003," according to proxy material being circulated.
Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.
The Florida Thoroughbred Breeders' and Owners' Association, which believes the state's racing industry is at a crisis stage, has released an aggressive legislative agenda that takes aim at laws its says create an uneven playing field with other gambling entities. Still, it appears there isn't industry consensus on just how to proceed.
Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.
Bay Meadows, thought to be starting what could have been its final year of operation on April 7, figures to be around for quite a bit longer.
The board of directors of Magna Entertainment Corp. announced Wednesday that it has elected Brian Tobin as a director and vice-chairman of the MEC Board. Tobin is the chief executive officer and a director of MI Developments Inc., which is the majority shareholder of MEC.
Magna Entertainment Corp. chairman Frank Stronach wants to get things moving with his company's proposed racetrack in Romulus, Mich., but state racing commissioner Robert Geake reiterated Thursday that much remains to be accomplished before any action can be taken.
Magna Entertainment Corp., even though the New York Racing Association rejected its partnership proposal, continues to have a keen interest in New York racing, president Jim McAlpine said.
MI Developments, a publicly traded real-estate company that owns 59% of the equity in Magna Entertainment Corp., reported big losses during the fourth quarter of 2003 largely as a result of MEC's poor financial performance.
The New York Racing Association board of trustees has rejected a bid by Magna Entertainment Corp. to become financial partners, NYRA chairman Barry Schwartz said.
Louie Roussel III, who owned a controlling interest in Fair Grounds until 1990, is the latest to make an offer for the New Orleans track. A week after Churchill Downs Inc. bid $28.5 million for Fair Grounds, Roussel upped the offer to $30 million, according to published reports.
Oklahoma Gov. Brad Henry signed a bill Monday that allows electronic gaming machines at three racetracks in the state. A bill-signing ceremony was scheduled for Tuesday.
The president of a growing account wagering service said handle declines at major winter meets aren't good for racing, and he suggested it's time for a "fragmented industry" to move forward in the best interests of its customers, racetracks, and horsemen.
Magna Entertainment Corp. could be on the verge of buying the four Standardbred racetracks in Quebec, Canada.
Magna Entertainment Corp. may have some explaining to do at this month's California Horse Racing Board meeting as handle for its account-wagering service, Xpressbet, suffered an 18.4% decline among California residents during the year's first two months.
Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.
Magna Entertainment Corp., in conjunction with New York City Off-Track Betting, has launched a half-hour preview show that will air race days on OTB's cable television channel.
Magna Entertainment Corp. Tuesday reported a net loss of $103.2 million for the fourth quarter of 2003, or 96 cents a share, which includes a previously announced non-cash write-down of $81.7 million on its assets.
Despite financial results that show a net loss of $105.1 million in 2003, Magna Entertainment Corp. president Jim McAlpine said the company "made significant strides" in creating a global company built around horse racing.
The Magna 5, a pick five bet that links races from tracks owned by Magna Entertainment Corp., continued to pick up steam Feb. 21 with its highest handle in a four-week period.
Magna Entertainment Corp. has established a "continuous improvement" team under the supervision of chief operating officer Don Amos that will conduct an orderly study of the company's racetrack operations.
The Baltimore Planning Commission Wednesday granted its approval to the proposed expansion of Pimlico Race Course into an "entertainment destination" facility, though plans for a hotel on the site were turned down.
Despite financial woes, the Pimlico Special (gr. I) has been scheduled for May 14, the day before the Preakness Stakes (gr. I), a Maryland Jockey Club executive told the Maryland Racing Commission Feb. 10.
Golden Gate Fields will reduce overnight purses by 3.8% beginning Feb. 11 due to total handle falling short of expectations, track officials announced Friday.
Magna Entertainment Corp. will record an $82-million non-cash write-down for the fourth quarter of 2003, but the company said there would be no operating impact on any of its racetracks.
The Texas Racing Commission has ruled horses with common ownership and trainers can run as separate betting interests during the Breeders' Cup World Thoroughbred Championships Oct. 30 at Lone Star Park.
Magna Entertainment Corp.'s straw-processing plant in North Carolina, which will produce bedding for Magna's stable of racetracks, is expected to begin production late next week.
Portland Meadows set a new single-day handle record Monday when $657,311 was bet on the nine-race program.
Magna Entertainment Corp.'s top executive admitted the company has taken plenty of heat for recent business decisions tied to account wagering and rebate shops, but he indicated the racing conglomerate wouldn't apologize for a strategy he said is designed to benefit the industry in the long term.
After a public hearing attended by less than a dozen residents in Dixon, Calif. Thursday, Magna Entertainment Corporation was prepared to take the next major step for its proposed Dixon Downs racetrack – preparation of a draft environmental impact report.
There is plenty of sunshine in the final tally from last weekend's Sunshine Millions according to a press release issued by Magna Entertainment Corp. MEC reports the second running of the Sunshine Millions eclipsed last year's successes, both on track and in the home.
A complaint was filed with the Federal Trade Commission Thursday against Magna Entertainment Corp. for allegedly violating anti-trust laws with its new restrictive account-wagering policy.
The Magna 5, a five-race wagering series with a guaranteed $500,000 minimum pool, begins Saturday at approximately 4:25 p.m. (EST). In the span of a little more than an hour, five races, tied together with one bet, will be presented at Magna Entertainment Corp. tracks.
Magna Entertainment Corp. officially announced Jack McDaniel as new president of Santa Anita Park Tuesday.
Sunshine Millions on-track attendance Saturday showed a combined 22% increase over the inaugural 2003 running of the series at Gulfstream and Santa Anita parks.
Magna Entertainment Corp. removed another obstacle to bringing Thoroughbred racing back to the Detroit area on Tuesday when it applied to transfer its Great Lakes Downs racing license to a Delaware corporation.
Magna Entertainment Corporation announced it is offering a new national Pick 5 wager – the Magna 5 – with a guaranteed minimum pool of $500,000 at its tracks beginning Jan. 31 and continuing each Saturday through May 29.
William Biggar has resigned as president and chief executive officer of MI Developments, which is the parent company of Magna Entertainment Corp. He will be replaced by Werner Czernohorsky, formerly president of the Construction Group.
Fans who attend the races at Santa Anita Park can now have their thoughts and ideas, as well as complaints and suggestions, heard by members of the racetrack's management team thanks to a new "Fan's Feedback Forum" held every Sunday at noon in the track's East Paddock Gardens immediately following handicapping seminars.
A disgruntled professional handicapper is mobilizing fellow players to boycott all tracks owned by Magna Entertainment Corp. The action comes in response to the company's recent decision to discontinue accepting bets from account wagering providers other than the Magna-owned platform Xpressbet.com.
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