Gulfstream Park will have more money coming from slot machines and poker for purses, more betting stations, and a larger betting menu for the 2011 meet that will also feature the installation of lights.
Program will include a $100,000 bonus for a rider that is sponsored by Am-Tote.
- By Tom LaMarra
MI Developments, among the largest dues-paying members of the National Thoroughbred Racing Association, committed to the organization for the first half of 2010 and will discuss its future involvement.
A bill that would not only increase takeout on exotic wagers in California but also introduce "exchange wagering" to the state has drawn opposition within the racing industry.
Frank Stronach, chairman of MI Developments and owner of Santa Anita Park and Golden Gate Fields, has called a meeting with California horsemen Aug. 18 at Del Mar Surfside Race Place, the track's simulcast wagering facility.
Amid concerns about track safety, horsemen representatives and Santa Anita management met the morning of Aug. 6 to discuss progress on renovation of the Pro-Ride synthetic racing surface that began July 26.
Hollywood Park plans to race through the 2011 calendar year, track president Jack Liebau said.
- By Tom LaMarra
A desire for longer meets at racetracks is among the prominent themes derived from comments submitted to MI Developments vice president Dennis Mills as part of a contest at his RacingFuture.com website.
Harrah's Entertainment said July 28 it has completed its purchase of Thistledown near Cleveland, Ohio, from MI Developments.
Citing the American concept of free enterprise, the owner of Santa Anita and Golden Gate racetracks is seeking more dates and the right to choose when to conduct live racing.
Thoroughbred racing in California remained uncertain about the future following a state horse racing board meeting July 22 in which major track owner MI Developments refused once again to provide a glimpse of its plans.
A day after the Oak Tree Racing Association received a one-year reprieve from its landlord at Santa Anita Park, its executive vice president said he's working on a long-term lease arrangement for the autumn meet at Del Mar.
The Oak Tree Racing Association will be allowed to use Santa Anita Park for its autumn racing meeting after Frank Stronach relented at the conclusion of a long California Horse Racing Board meeting June 22 at Hollywood Park.
The California Horse Racing Board will resume audio-only webcasts of its regular monthly meetings for the first time this year June 22 at Hollywood Park.
In the latest management change at Gulfstream Park, media relations executive Caton Bredar and marketing executive Mike Cronin are no longer at the Hallandale Beach, Fla., track effective June 10.
The chief executive of the company that now owns Santa Anita Park said installation of a new main track would prevent Oak Tree from using the facility in 2010.
- By Tom LaMarra
As the National Thoroughbred Racing Association prepares for its June 3 board of directors meeting in New York amid a changing landscape, the organization's biggest challenge could very well be industry perception.
MI Developments announced on May 27 that Ken Dunn will leave his position as Gulfstream Park president and general manager effective May 28.
- By Jim Freer
MI Developments on May 27 told employees of Gulfstream Park that effective May 28 Ken Dunn will no longer be president and general manager of the Hallandale Beach, Fla., track.
Harrah's Entertainment has ended up with Thistledown after all, but at a greatly reduced price.
MI Developments intends to offer Thistledown, the Ohio racetrack near Cleveland, for sale during a May 25 auction in New York.
In view of the recent announcement that the Oak Tree Racing's lease to conduct a fall meet at Santa Anita Park had not been renewed, MI Developments issued a statement May 18 reaffirming its support for California racing.
MI Developments notified the Oak Tree Racing Association May 14 that it was ending its lease agreement.
- By Tom LaMarra
Churchill Downs Inc. and MI Developments said May 14 they will dissolve TrackNet Media Group, a company formed to address signal pricing and distribution.
Magna International chairman Frank Stronach has agreed to allow shareholders to vote on eliminating his family's special rights and adopt a single class of stock for the auto parts company.
The Maryland Jockey Club, now operated by MI Developments, will be jointly operated by Penn National Gaming Inc. upon closure of the deal, the two entities announced May 7.
The second jewel of the Triple Crown will stay in Maryland regardless of what happens to Pimlico while Magna navigates bankruptcy proceedings.
- By Tom LaMarra
A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
The South Florida racetrack bucked the national trend of declining handle. Bad weather in the northeast and heavy rains in the West helped make the Gulfstream signal more attractive.
The parent of track owner Magna Entertainment Corp. has agreed to buy its Maryland assets, which include Laurel Park and Pimlico.
The reorganization plan for Magna Entertainment that was announced in January was filed Feb. 18 in Canada. A March 23 hearing has been scheduled for approval of the explanatory disclosure statement.
Creditors of Magna Entertainment Corp. have apparently reached an agreement that will end the racetrack operating company's bankruptcy case.
Gulfstream Park's 2010 schedule is again laden with graded stakes, and one safe bet is that most of the 80 racing days will be warm and sunny. Otherwise, there are changes and questions in abundance.
- By Jack Shinar
An auction scheduled Sept. 8 on properties owned by bankrupt Magna Entertainment Corp. will not go forward after the company withdrew Santa Anita Park, Lone Star Park, and other assets from the bidding in court documents filed in U.S. bankruptcy court.
- By Tom LaMarra
MI Developments, parent company of Magna Entertainment Corp., said Aug. 12 debtors filed a motion seeking court approval to sell MEC-owned Remington Park Racing & Casino in Oklahoma to a third party for $80.25 million pending "higher and better offers."
Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
Technology entrepreneur Halsey Minor said on April 3 that he has submitted a bid to Magna Entertainment Corp. under which he would buy substantially all of that bankrupt company's assets except Gulfstream Park in Hallandale Beach, Fla.
Magna Entertainment Corp. received an additional $2.5 million in interim financing to continue its operations through the initial stages of its bankruptcy reorganization April 3 after apparent agreements were reached with some of its objecting creditors
Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.
One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.
A judge signed an interim order March 13 allowing Magna Entertainment Corp. to borrow $13.4 million to continue its operations during the early stages of the company's bankruptcy reorganization, though final approval for the lending facility won't be authorized until an April 3 hearing.
Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.
The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.
Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.
A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.
Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.
A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.
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."
San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.
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