Keyword: Magna Entertainment Corp.

  • Mike Pegram

    Pegram Defamation Case With Jamgotchian Ends

    A defamation lawsuit brought in Nevada by prominent Thoroughbred owner Mike Pegram against fellow owner Jerry Jamgotchian has been brought to an end with a settlement of $879,536, it was announced June 12.

  • Caton Bredar

    More Staffing Changes at Gulfstream 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.

  • MEC Reorganization Plan Approved by Judge

    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.

  • Gulfstream to Open With Changes Jan. 3

    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.

  • Slot Machine

    Slots at Mall OK'd; MJC Vows to Fight

    The Anne Arundel County Council Dec. 21 approved a zoning measure that will facilitate slot machines at the Arundel Mills Mall, but also OK'd a measure that allows slots at Laurel Park.

  • Slot Machine

    Battle Over Maryland Slots Heats Up

    The Maryland Jockey Club said Dec. 17 it has appealed to the Maryland State Board of Contract Appeals over its disqualification from the bidding process for a license to operate slot machines at Laurel Park.

  • MJC: Laurel Park Well-Positioned for Slots

    Though a state commission ruled its application for a gaming license incomplete, Laurel Park will continue its push for slot machines Dec. 17 by discussing its "advanced status" to construct a slots facility.

  • Ken Dunn

    Dunn Joins Gulfstream Management Team

    Ken Dunn, formerly of Calder Casino & Race Course, has joined the Gulfstream Park management team, the South Florida racetrack announced Nov. 2.

  • Thistledown

    Magna Sells Two Tracks and Makes a Third Deal

    A Delaware bankruptcy judge approved the sale of Magna Entertainment Corp.-owned Thistledown in Ohio to Harrah's Entertainment for $89.5 million and Remington Park in Oklahoma City for $80.25 million to a Chickasaw Nation subsidiary. An agreement also has been reached to sell Lone Star Park for $27 million.

  • MEC Racetrack Sales Moving Along Slowly

    The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.

  • Sanata Anita

    Auction of Santa Anita, Lone Star Withdrawn

    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.

  • MEC Parent Asks to Sell Remington for $80M

    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."

  • ADWs Grab Larger Share in First Quarter

    Led by strong performances from Twinspires.com and Youbet.com, collective handle for the four largest domestic advance deposit wagering platforms increased by roughly 15% in the first quarter of the year, while their overall share of the national betting pie grew by more than 2%.

  • Bid for MEC Properties Dropped by Parent

    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.

  • Calder: No Overlap with Gulfstream Dates

    Calder Race Course March 31 submitted its final filing for 2009-10 racing dates to the Florida Division of Pari-Mutuel Wagering, and it confirms earlier reports that Calder will not run head-to-head with nearby Gulfstream Park during that period.

  • Smooth Air Won the Ohio Derby in 2008.

    Thistledown Suspends Ohio Derby in 2009

    Thistledown, at the suggestion of the Ohio Horsemen's Benevolent and Protective Association, has suspended the $300,000 Ohio Derby (gr. II) for 3-year-olds. The race was to have its 75th running in 2009.

  • State, City Seek to Protect Preakness

    Mounting a defense for the Preakness Stakes (gr. I) at Pimlico Race Course, the state of Maryland and the city of Baltimore went to court March 27 to keep the second leg of the Triple Crown in the state because of uncertainties raised by the bankruptcy of Pimlico owner Magna Entertainment Corp.

  • The Grandstand at Thistledown.

    Thistledown Won't Lose Operating Permit

    Thistledown owner Magna Entertainment Corp. has met the deadline for payment of a $1-million bond to the Ohio State Racing Commission, which means the Cleveland-area racetrack will not have its operating permit suspended.

  • Gulfstream Takes Pass on Longer Meet

    Gulfstream Park said March 27 it will run its next meet from Jan. 3, 2010 to April 24, 2010, ending speculation it could seek dates in November and December of 2009.

  • MEC 2008 Loss Highest in Company History

    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.

  • Hollywood Park

    Hollywood Park to Race Through 2009

    The California Horse Racing Board got a bit of good news March 19 when the president of Hollywood Park assured commissioners that it would run its 2009 fall/winter meet as planned. The board also received an update on bankruptcy developments from Magna Entertainment Corp.

  • ThistleDown Racino

    MEC Bankruptcy Fallout Hits Ohio Track

    The Ohio State Racing Commission ruled March 19 that Thistledown's racing permit will be suspended as of March 28 if parent company Magna Entertainment Corp., which filed for Chapter 11 bankruptcy protection March 5, fails to renew a $1-million bond.

  • Pimlico Officially Unveils Stakes Slate

    The Maryland Jockey Club March 17 officially unveiled a 2009 spring stakes schedule at Pimlico Race Course that's down about $1 million from last year and doesn't include the grade I Pimlico Special.

  • Frank Stronach

    Frankly Speaking: Stronach on Magna

    Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.

  • This son of Ghostzapper - Collect the Cash was the sale topper at Adena Spring South sale of 2-year-olds.

    Adena Springs Sale Median Rises 28.6%

    The Adena Springs sale of 2-year-olds in training bucked the downward trend in the Thoroughbred marketplace in one important statistical category. The median price rose 28.6% from a year ago during the eighth edition of the auction, which was held March 16 at Adena Springs South near Williston, Fla.

  • Gulfstream Park is one of the assets that MEC is trying to sell.

    Magna Files for Chapter 11 Bankruptcy

    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.

  • Gulfstream Retail Development Progresses

    Magna Entertainment Corp. and partner Forest City Enterprises announced Feb. 26 the first 32 tenants for the retail portion of their The Village at Gulfstream Park development. Plans for the $1.2-billion complex, adjacent to Gulfstream's clubhouse/casino building, include a hotel and condominiums on the property in Hallandale Beach, Fla. Meanwhile, officials are reluctant to speculate on a possible bankruptcy filing by MEC.

  • MEC Has Slots License Fee--With Caveat

    Magna Entertainment Corp. said Feb. 4 it has arranged to pay a $28.5-million licensing fee for slot machines -- but the money will be placed in an escrow account at a Maryland bank.

  • Magna Entertainment Corp. chairman Frank Stronach

    National HBPA, Stronach Work on Charter

    Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.

  • Laurel Slots Bid Called Into Question

    In a jaw-dropping revision, Maryland received requests for far fewer slot machines in five license proposals than previously thought, and two of the six bidders -- including Laurel Park owner Magna Entertainment Corp. -- failed to pay $22.5 million in required up-front fees, a state official said Feb. 3.

  • MEC Has Deal to Break From Shareholder

    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."

  • MEC Adopts Anti-Slaughter Policy

    Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.

  • MEC Working With THG on Pricing Model

    Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.

  • Magna Official Says He Will Step Down

    Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.

  • MEC May Reconsider Sale of Some Assets

    Magna Entertainment Corp., which posted a $21.25-million loss for the second quarter of 2008, said Aug. 5 it's reconsidering the sale of some assets it expected to unload as part of a debt-elimination plan.