Keyword: Magna Entertainment Corp.

  • Magna Racino Opens in Austria

    Magna Racino, a $91-million racetrack and entertainment facility in Ebreichsdorp, Austria, opened for business Sunday with a live harness racing program.

  • In Florida, Industry Not on Same Legislative Page

    The Florida Thoroughbred Breeders' and Owners' Association, which believes the state's racing industry is at a crisis stage, has released an aggressive legislative agenda that takes aim at laws its says create an uneven playing field with other gambling entities. Still, it appears there isn't industry consensus on just how to proceed.

  • MI Developments CEO Brian Tobin

    Brian Tobin Elected Magna Vice Chairman

    The board of directors of Magna Entertainment Corp. announced Wednesday that it has elected Brian Tobin as a director and vice-chairman of the MEC Board. Tobin is the chief executive officer and a director of MI Developments Inc., which is the majority shareholder of MEC.

  • MEC's Losses Hinder Parent Company MI Developments

    MI Developments, a publicly traded real-estate company that owns 59% of the equity in Magna Entertainment Corp., reported big losses during the fourth quarter of 2003 largely as a result of MEC's poor financial performance.

  • Roussel Offers $30 Million for Fair Grounds

    Louie Roussel III, who owned a controlling interest in Fair Grounds until 1990, is the latest to make an offer for the New Orleans track. A week after Churchill Downs Inc. bid $28.5 million for Fair Grounds, Roussel upped the offer to $30 million, according to published reports.

  • Oklahoma Gaming Bill Signed Into Law

    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.

  • AmericaTab Chief: 'Fragmented Industry' Must Change

    The president of a growing account wagering service said handle declines at major winter meets aren't good for racing, and he suggested it's time for a "fragmented industry" to move forward in the best interests of its customers, racetracks, and horsemen.

  • Magna Spin-off MID Names Tobin CEO

    Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.

  • MEC Launches TV Preview Show in NY

    Magna Entertainment Corp., in conjunction with New York City Off-Track Betting, has launched a half-hour preview show that will air race days on OTB's cable television channel.

  • MEC Team to Study Racetrack Operations

    Magna Entertainment Corp. has established a "continuous improvement" team under the supervision of chief operating officer Don Amos that will conduct an orderly study of the company's racetrack operations.

  • MJC Official Says Pimlico Special Will Be Run

    Despite financial woes, the Pimlico Special (gr. I) has been scheduled for May 14, the day before the Preakness Stakes (gr. I), a Maryland Jockey Club executive told the Maryland Racing Commission Feb. 10.

  • Texas Changes Rules to Accommodate Breeders' Cup

    The Texas Racing Commission has ruled horses with common ownership and trainers can run as separate betting interests during the Breeders' Cup World Thoroughbred Championships Oct. 30 at Lone Star Park.

  • Magna's Bedding Plant Set for Launch

    Magna Entertainment Corp.'s straw-processing plant in North Carolina, which will produce bedding for Magna's stable of racetracks, is expected to begin production late next week.

  • Magna executive Jim McAlpine, said company's strategy in best interests of industry.

    MEC: Recent Moves Designed to Benefit Tracks, Horsemen

    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.

  • Double-Digit Gains Galore at Tampa Bay Downs

    Tampa Bay Downs continues to make sizable gains in terms of its live signal and on-track attendance, but on-track simulcast revenues are down because of a conflict involving Magna Entertainment Corp. and the New York Racing Association.

  • Magna Makes Moves on Michigan Downs

    Magna Entertainment Corp. removed another obstacle to bringing Thoroughbred racing back to the Detroit area on Tuesday when it applied to transfer its Great Lakes Downs racing license to a Delaware corporation.

  • Fans Get Chance to Offer Views at Santa Anita

    Fans who attend the races at Santa Anita Park can now have their thoughts and ideas, as well as complaints and suggestions, heard by members of the racetrack's management team thanks to a new "Fan's Feedback Forum" held every Sunday at noon in the track's East Paddock Gardens immediately following handicapping seminars.

  • AmericaTab Handle Jumps Despite MEC Blackout

    Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

  • AmericaTab Handle Jumps Despite MEC Blackout

    Handle through the AmericaTab family of account-wagering services was up almost 90% the first six days of January even though the services weren't permitted to offer betting on Magna Entertainment Corp. racetracks, including premier meets at Gulfstream Park and Santa Anita Park.

  • MEC Move Creates Account-Wagering Dilemma

    Magna Entertainment Corp. initiated restrictions upon or pulled its live racing signals from most account-wagering services effective Dec. 26, and at least one operator isn't happy about the developments.

  • Portland Meadows Handle Highest in About 15 Years

    Changes in first post time and fuller fields have produced pari-mutuel gains this season for Portland Meadows, which on Dec. 1 cleared the half-million-dollar mark in total handle for a program for the first time in 15 years.

  • Michigan Sets Racing Schedule for 2004

    Great Lakes Downs, Michigan's only all-Thoroughbred racetrack, was awarded 118 days of racing in 2004 under an order signed by Michigan racing commissioner Robert Geake.

  • Rebating, Graded-Stakes Mandate Complicate Licensing

    Despite concerns the association's signal would be sent to wagering outlets that offer rebates, and the fact there is no contract yet with horsemen, the California Horse Racing Board Oct. 23 approved an application by the Los Angeles Turf Club for its Santa Anita Park meet that begins Dec. 26.

  • Magna Broadens Its Base With Piece of AmTote

    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, Horsemen Agree to Sunshine Pact

    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.

  • Expansion Pushes Magna Revenues Up 54%

    Magna Entertainment Corp.'s revenues during the second quarter ended June 30 were up 54.2% from a year ago while net income was down slightly, the company reported after the markets closed Thursday night.

  • Proposed Magna Spin-Off Would Include MEC

    Magna International has proposed a new publicly traded company--MI Developments Inc.--that would own all of Magna's automotive real estate as well as all of Magna Entertainment Corp., the leading owner of racetracks in North America in terms of holdings.

  • Magna Names New Chief Financial Officer

    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 Says Sale of $50 Million in Notes Complete

    Magna Entertainment Corp. said June 24 it has completed its previously announced sale of an additional $50-million aggregate principal amount of 8.55% convertible subordinated notes due June 15, 2010.

  • Studies on Dixon Downs Proposal Set to Begin

    Detailed studies for the proposed $250-million Dixon Downs in Northern California are set to begin now that Magna Entertainment Corp. has received approval from the Dixon City Council for an agreement to pay for consultants for the extensive reports.