Peter Berube, vice president and general manager of Tampa Bay Downs, and Hal Handel, executive vice president and chief operating officer of the New York Racing Association (NYRA), have been appointed by the Thoroughbred Racing Associations of North America (TRA) to serve on the management committee of Equibase Company LLC
Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.
The battle over the franchise to run three New York racetracks got off to an unofficial start Aug. 2 when officials with the New York Racing Association and Magna Entertainment Corp. sparred during an Albany Law School symposium.
Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.
Magna Entertainment Corp. must establish a stronger balance sheet before it considers expansion or the acquisition of other racing and gaming properties, said Thomas Hodgson, the newly appointed chief executive officer of the company.
Magna Entertainment Corp. announced Tuesday that Thomas W. Hodgson has been appointed chief executive officer, replacing Jim McAlpine.
Bill Bridgen has stepped down from his full-time post as HorseRacing TV's network president, it was announced Feb. 10.
Youbet.com and AmericaTab, two online wagering companies, will again be able to offer races from all Magna Entertainment Corp.-owned racetracks under agreements announced Dec. 23.
North America's two biggest racetrack companies have joined forces to offer their products as a package to several European countries.
The president of Magna Entertainment Corp. said Dec. 10 the company would like to be part of a new organization -- Friends of New York Racing -- which hopes to reconstruct the economic model for racing in the state and perhaps seek the franchise to operate Aqueduct, Belmont Park, and Saratoga.
Magna Entertainment Corp. president Jim McAlpine said the company is ready for change and part of that change includes forming more partnerships with other industry players to propel horseracing into the winner's circle.
Magna Entertainment Corp. chief executive officer Jim McAlpine Nov. 3 acknowledged the company's substantial third-quarter loss and said it would re-examine its strategy and direction moving forward.
The Aurora, Ontario-based Magna Entertainment Corp., one of North America's leading owners of major horseracing tracks, announced Tuesday that its third quarter losses reached $50.3 million.
Magna Entertainment Corp. recorded a net loss of $25.4 million in the second quarter of 2004, but officials said the company continues to "see meaningful results" from cost-cutting initiatives and the work of its Continuous Improvement Team.
Magna Entertainment Corp. is still willing to partner with the New York Racing Association, but it is also pursuing its own move into the New York marketplace in case NYRA isn't serious about a merger, MEC president Jim McAlpine said.
Small crowds, slots and rebate shops; those woes top the list. Horse racing representatives were given the opportunity June 8 to tell a California Senate Governmental Organization sub-committee what's troubling the sport and they had plenty to say.
Maryland racing officials and politicians really didn't make any excuses during the May 13 Alibi Breakfast at Pimlico Race Course. Instead, they called on the racing industry to do everything it can to facilitate a turn of fortunes for horse racing in the state.
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.
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 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.
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.
While business at Santa Anita Park and Golden Gate Fields is off in 2004, the president and chief executive officer of parent company Magna Entertainment Corporation told the California Horse Racing Board on Feb. 19 that the outlook is improving.
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.
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.
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.
Magna Entertainment Corp. officially announced Jack McDaniel as new president of Santa Anita Park Tuesday.
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.
Magna Entertainment Corp. has begun management-level workforce cuts in an effort to reduce the company's growing losses.
Magna Entertainment Corp. increased revenue 59.7% in the third quarter but the company's losses continued to widen.
Among the issues on which California governor-elect Arnold Schwarzenegger will need to be educated is the importance of horse racing to the state's economy, industry leaders said.
Taking another step in a lengthy approval process, Magna Entertainment publicly rolled out its detailed plans for Dixon Downs, a $250 million "dream track" prototype for the company's future development.
Magna Entertainment Corp., which recently said it would rebuild Pimlico Race Course, said the project now hinges on whether the state's racetracks are approved for slot machines.
The Maryland Racing Commission Sept. 9 commended Magna Entertainment Corp. for progress in meeting its commitment to upgrade the barn areas at Pimlico Race Course, Laurel Park, and the Bowie Training Center.
Less than a week after the National Thoroughbred Racing Association released a report that recommended upgrades in wagering technology and a streamlining of tote systems in the United States, Magna Entertainment Corp. acquired a 30% equity and voting interest in AmTote International for $3.82 million.
Magna Entertainment Corp., the originator of the Sunshine Millions, announced Aug. 13 that it has signed an agreement extending the Florida-California Thoroughbred series through 2006.
A track operator and a leading handicapper at an Albany Law School conference Aug. 5 were unable, not surprisingly, to agree whether the growing use of rebates in the racing industry is a good thing.
Magna Entertainment Corp. is still very much interested in entering the New York racing market, and would seek to obtain, if it becomes available, the New York Racing Association franchise, the head of the company said Aug. 5.
Magna Entertainment Corp. Thursday announced the appointment of Blake Tohana as an executive vice president and its new chief financial officer, effective July 28, replacing Graham Orr.
Magna Entertainment announced it has entered a three-year deal with NBC to televise the Sunshine Millions.
Magna Entertainment Corp. reported a $6-million decrease in net income for the first quarter of 2003 compared with the same period in 2002, according to a financial statement released April 30.
After listening to Magna Entertainment president Jim McAlpine and California Horse Racing Board member Alan Landsburg speak about racing's future Friday, executives gathered for the Association of Racing Commissioners International conference must have wondered if the two industry leaders were talking about the same sport.
Bits and pieces from around the industry...
The horse racing industry should be pretty healthy 20 years from now -- if it properly embraces technology, expanded wagering opportunities, alternative gaming, and the breeding side of business remains vital, top racetrack officials said March 14.
Magna Entertainment Corp.'s plans for Dixon Downs, the company's ideal "racetrack of the future," are finally headed to the starting gate. On March 3, MEC submitted its detailed proposal for the $250-million project to the city of Dixon, located 19 miles west of Sacramento, Calif.
Magna Entertainment has agreed to purchase the long-term operating rights of Portland Meadows, as well an interest in the real estate on which the racetrack sits, from developer Thomas Moyer.
Magna Entertainment Corp. announced late Tuesday that its indirect wholly-owned subsidiary Allegheny Thoroughbred Racing Association, Inc., has filed an application with the Pennsylvania State Horse Racing Commission for a license to conduct Thoroughbred racing at a racetrack to be constructed in Allegheny County, Pennsylvania, northwest of Pittsburgh.
The Maryland Racing Commission voted unanimously Nov. 13 to approve Magna Entertainment Corp. as majority owner of Laurel Park and Pimlico Race Course, turning the spotlight on Magna to begin fulfilling its promise for Maryland racing. The Preakness Stakes, second leg of the Triple Crown, is a big part of the equation.
Magna Entertainment Corp. officially announced the appointment of Lone Star Park president Corey Johnsen to the position of group vice president for Texas, Oklahoma and Florida.
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