Remington Park

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MEC Director Says Company 'Hit Bottom in 2005'

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.

Magna Announces Recapitalization Plan

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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."

Oklahoma Regulators Preparing Gaming Rules

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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.

Oklahoma Gaming Bill Signed Into Law

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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.

Magna Losses Total $103 Million in Fourth Quarter

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.

Oklahoma Deal Calls for Racetrack Gaming

Indian tribes, the horse racing industry, and Gov. Brad Henry have reached an agreement on legislation that would allow racetracks to install gaming machines and regulate devices currently operating at tribal casinos. The measure now goes to the state legislature.

Year Book

By Ray Paulick -- Let's hope other track operators have learned something from the NYRA investigation. Meanwhile, a review of other top events of '03 shows optimism for the New Year within racing, breeding, and auction sectors of the industry.

Magna Reports Two Tracks Operating at Loss

In a Jan. 31 report filed with the U.S. Securities and Exchange Commission, Magna Entertainment said two of its racetracks have experienced operating losses over the past two years, and the impact will be assessed when the company releases its 2002 financial statement.

Here and There

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Bits and pieces from around the Thoroughbred industry...

Oklahoma Dates Compromise is No Solution, Say Horsemen

The Oklahoma Racing Commission approved a compromise racing schedule that tried to preserve a Quarter Horse meet at Remington Park, while allowing the financially trouble track to stay open. The trouble is that no one likes the compromise and some feel it was railroaded through by the commissioners.

Remington Park Forced to Run Quarter Horse Dates

The Oklahoma Racing Commission denied Thursday a request by Remington Park to eliminate its Quarter Horse dates for the time being and run only 65 days of Thoroughbred racing next year. Remington Park officials say the decision puts the track in financial jeopardy and may force it to close.

Remington Park's Meet Slumps

Remington Park reported across-the-board declines in attendance and handle for its 59-day meet that ended Nov. 24. The Oklahoma City racetrack reported a 4.3% decline in average daily attendance to 2,337 and an 11.5% drop in average daily on-track handle to $120,551.

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