The Reuters News Service is reporting that owner-breeder Frank Stronach is working out a deal in which he would relinquish control of his real estate company in exchange for some of its racetrack assets.
Churchill Downs Inc. and Magna Entertainment Corp., the two leading owners of racetracks in North America, said March 5 they have entered into agreements that include CDI's purchase of 50% interest in MEC's HRTV network.
A top executive for Magna Entertainment Corp. told the California Horse Racing Board's parimutuel committee Wednesday that the company's inability to find suitable television distribution for its Santa Anita signal has "caused us chagrin."
Magna Entertainment, the publicly-held racetrack and off-track betting company, reported that revenues increased to $248.8 million during the first quarter of fiscal 2002, compared with $244.5 million for the same period one year ago.
The California Horse Racing Board heard a positive report on the startup of account wagering. But it was tempered by concern over a leveling off of activity in recent weeks. It was also reported that an agreement still has to be reached for the upcoming Hollywood Park meet.
A founder of Youbet.com who recently rejoined the pari-mutuel wagering network says the company's new management team is focusing on marketing, cooperative efforts with racetracks, and raising capital.
- By Ray Paulick
By Ray Paulick -- Concern for the racing fan and the industry doesn't appear to be driving some of the decisions regarding account wagering in California.
The California Horse Racing Board has granted licenses to two companies to offer account wagering effective immediately, and betting will begin. But the licenses are time-sensitive, and some deals with horsemen remain in limbo.
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