Magna Entertainment Corporation

News, Articles, Videos and other content about Magna Entertainment Corporation

Santa Anita Bid Timetable Set; Talks Continue

After failing to attract a qualified bid for Santa Anita Park this summer, bankrupt Magna Entertainment Corp. is prepared to try it again early next year. Meanwhile, a committee of horse owners from the Thoroughbred Owners of California is continuing to negotiate the purchase of the picturesque 303-acre racetrack, site of the 2009 Breeders' Cup.

Magna Rep Gives Assurances to CHRB

A representative from the Magna Entertainment Corp. assured the California Horse Racing Board March 6 that the company "is not going out of business" in spite of its bankruptcy petition and that horsemen purse accounts and customer winnings will be paid on an ongoing basis.

CHRB Calls Special Session on MEC Issues

CHRB Calls Special Session on MEC Issues

With Magna Entertainment Corp. reportedly in financial peril, the California Horse Racing Board has called an emergency meeting March 6 to determine the status of the MEC-owned tracks in the state, Santa Anita Park and Golden Gate Fields, as well as the company's licensed advance deposit wagering entity, XpressBet.

Stronach Tells CHRB He'll Use $24M on Upgrades

Trying to undo the negative fallout over comments by his company's new CEO, Magna Entertainment founder Frank Stronach pledged $24 million for installation of synthetic racing surfaces at Santa Anita Park and Golden Gate Fields as well as much needed refurbishing of the Santa Anita barn area.

'Shops at Santa Anita' OK'd by Arcadia Council

An upscale mall to be constructed in Santa Anita's main parking lot took a step forward April 17 when the Arcadia City Council unanimously approved the project. The meeting lasted six hours before the council adjourned and then returned for another hour later in the day.

Special Election to Decide Dixon Downs' Fate

The fate of Magna Entertainment Corporation's $250 million state-of-the-art racetrack for Northern California will be decided in a special election April 17 by the city of Dixon, a town of 17,500 residents 19 miles west of Sacramento.

Magna, Florida Horsemen OK Slot Revenue Split

  • News

After months of wrangling, Magna Entertainment Corporation and the Florida horseman agreed Friday evening to the percentage of slots revenue that will increase horseracing purses at Gulfstream Park.

MJC Announces Executive Officer Changes

  • News

Joseph A. De Francis announced Feb. 9 that he is stepping aside as president of the Maryland Jockey Club but will continue as the organization's chief executive officer. Louis J. Raffetto, the MJC's chief operating officer, takes over as president while Chris Dragone becomes senior vice president and general manager.

Dixon Recall Effort Fails; Magna Rep Pleased

A recall attempt in the town of Dixon, in part over Magna Entertainment Corporation plans to build Dixon Downs racetrack on the outskirts of the Northern California community, failed to attract enough signatures to qualify for the June 2006 ballot.

Dixon Releases Track's Environmental Draft

Five years after Frank Stronach first pitched his dream of Dixon Downs, Magna Entertainment's model racing and entertainment complex in Northern California reached a significant milestone Sept. 23 with the release of the draft environmental impact report.

Magna Reports 2nd Quarter Loss of $26.9M

Feeling the pinch of losing its Bay Meadows lease and the continued drain brought on by the rebuilding Gulfstream Park and Laurel, Magna Entertainment reported $26.9 million in second-quarter losses, the company disclosed Thursday. That translates to a loss of 25 cents a share.

Magna Entertainment Lands Michigan Racing License

Acting Michigan Racing Commissioner Christine C. White awarded the one available racetrack license in the Detroit Metropolitan area to Michigan Racing Inc., a fully owned subsidiary of Magna Entertainment Corporation (MEC).

Smaller Version of Gulfstream Seen for Dixon

At the final session in a series of city-sponsored public workshops March 19, Magna Entertainment presented its updated proposal for Dixon Downs, the $250 million state-of-the-art racetrack and entertainment complex the company wants to build in Dixon, Calif., 20 miles west of Sacramento.

Dixon Downs On Track, Official Tells Planners

Four years after it was first proposed, Magna Entertainment's $250 million dream track for Northern California is finally nearing the public hearing stage. A series of meetings on various aspects of the development will be held in 2005, Dixon city officials said at a planning commission meeting Dec. 21.

NY Legislature Ends Without Racing, VLT Bills

A measure to encourage the operation of video lottery terminals at several big racetracks in New York, including the New York Racing Association's Aqueduct track, collapsed Aug. 12 in Albany amid industry infighting, political intrigue and head-butting among powerful lobbyists.

Santa Anita Awarded Disputed Land Parcel

Santa Anita Park has won a longstanding property dispute with neighboring Santa Anita Fashion Park stemming from the sale of the racetrack to Frank Stronach's Magna Entertainment Corporation in 1998.

McAlpine Stresses Improving Outlook for Calif. 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.

Golden Gate to Reduce Purses by 3.8%

  • News

Golden Gate Fields will reduce overnight purses by 3.8% beginning Feb. 11 due to total handle falling short of expectations, track officials announced Friday.

Dixon Downs Meeting Sparsely Attended

After a public hearing attended by less than a dozen residents in Dixon, Calif. Thursday, Magna Entertainment Corporation was prepared to take the next major step for its proposed Dixon Downs racetrack – preparation of a draft environmental impact report.

Magna to Introduce New National Wager

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 Tracks to Cut Free Video Streaming

As of Jan. 12, fans used to watching those grainy images of races from the Web sites of Magna Entertainment Corporation-owned Gulfstream Park and Santa Anita Park will be unable to do so without paying for streaming video service.

Here and There

  • News

Bits and pieces from around the Thoroughbred industry...

Powell Resigns Magna, Santa Anita Posts

Magna Entertainment Corp. (MEC) announced Friday that Lonny Powell, vice president of racing operations for the company and president and chief executive officer of Santa Anita Race Track, has resigned those positions but will remain with the company as a chief advisor.

Most Popular Stories