Magna Entertainment Corp. reported a slightly smaller net loss for the second quarter of 2006 compared with the same period last year, but indicated a working-capital deficiency of almost $140 million remains a problem.
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 Entertainment Corp. reported Feb. 27 a total net loss of $39.7 million for the three-month period ending Dec. 31, and year-end losses of more than $105 million.
Youbet.com, Inc. announced Monday that its advanced deposit wagering Web site has gained the right to simulcast all of Magna Entertainment Corporation's live horse racing content during the 2006 season.
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.
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 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 may be less than two weeks away from having its first racetrack casino operation licensed, and a June 16 meeting should chart the course of on-track electronic gaming in the state.
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.
Remington Park in Oklahoma City, Oklahoma reported that both on-track attendance and handle improved during the 65-day meet that ended Dec. 5.
Apprentice Quincy Hamilton ended Cliff Berry's run of eight consecutive riding titles at Remington Park as the Oklahoma track brought down the curtain on its 65-day meeting for 2004 Sunday.
A dozen 3-year-old colts will take the gate for Sunday's $150,000 Oklahoma Derby (gr. III), going 1 1/8-miles at Remington Park. The field is led by grade II winner Quinton's Gold Rush and grade III winner Mr. Jester.
Approximately 59% of voters in Oklahoma cast ballots Tuesday in favor of the "State-Tribal Gaming Act" that authorizes electronic gaming operations at the three privately-owned Oklahoma racetracks and directs a share of gaming revenues from Tulsa area tribes to the publicly-owned fourth track.
Gov. Brad Henry signed a bill Wednesday to authorize a statewide vote Nov. 2 on whether to allow pari-mutuel horse racing tracks to operate electronic gambling machines now played only at Indian casinos.
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 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.
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.
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.
- By Ray Paulick
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.
"Derby" specialist Excessivepleasure leads a field of six for the $150,000 Oklahoma Derby (gr. III) over 1 1/8 miles at Remington Park Sunday.
The future of Remington Park and perhaps the future of the entire Thoroughbred industry in Oklahoma could depend on a vote by House of Representatives to legalize electronic gaming at the state's racetracks.
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.
Bits and pieces from around the Thoroughbred industry...
For the first time Remington Park will be running a mixed Quarter Horse and Thoroughbred meet in 2003.
Remington Park has filed an appeal with the Oklahoma Racing Commission to amend its 2003 racing dates. The commission will decide Nov. 14 whether to reconsider the dates.
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.
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.
Louisiana Derby (gr. II) runner-up Easyfromthegitgo is the morning line favorite for the $250,000 Oklahoma Derby (gr. III) at Remington Park on Sunday.
Early indicators are that the field for Sunday's Oklahoma Derby (gr. III) will be a competitive one.
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.
Fifth through the early going, Top Hit rallied three wide into the stretch to win Sunday's $300,000 Oklahoma Derby (gr. III) at Remington Park.
Bits and pieces from around the industry
Racing and breeding news and information.
The Thoroughbred Corp.'s odds-on favorite Performing Magic edged ahead of 22-1 longshot Mister Deville in the final strides to win the $300,000 Remington Park Derby (gr. III) by a neck Sunday at Remington Park.
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