Keyword: magna

  • HorseRacing TV Adds Markets, Expands Another

    HorseRacing TV has signed a multi-year agreement with Cox Communications that extends the network's viewership into Orange County, Calif., and expands its coverage in San Diego. In addition, HRTV, operated by Magna Entertainment, will add three markets in Pennsylvania.

  • Reports: Stronach Made Millions in Consulting Fees

    Magna International chairman Frank Stronach earned $58.1 million (Canadian) last year, most of it from consulting fees from three European subsidiaries, according to newspaper reports in Canada.

  • Magna Unveils Revisions for $250-Million Dixon Downs

    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 Expansion Results in $14.3 Million Loss

    Magna Entertainment Corp. had increased revenue in 2002 but the continued expansion of its roster of racetracks along with the costs of launching Xpressbet and Horse Racing TV resulted in losses of $14.3 million in 2002.

  • Magna Seeks Long-Term Rights to Portland Meadows

    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 Reports Two Tracks Operating at Loss

    In a Jan. 31 report filed with the U.S. Securities and Exchange Commission, Magna Entertainment said two of its racetracks have experienced operating losses over the past two years, and the impact will be assessed when the company releases its 2002 financial statement.

  • Magna Entertainment Officially Launches HRTV

    Magna Entertainment has officially launched HorseRacing TV, a 24-hour cable television network that provides Thoroughbred, Standardbred, and Quarter Horse racing from racetracks in the United States and Canada.

  • Magna Appeals Licensing of Proposed Erie Track

    Magna Entertainment's Pennsylvania subsidiary has appealed a decision by regulators to grant MTR Gaming a license to build Presque Isle Downs, a Thoroughbred racetrack proposed for the Erie area.

  • Magna Makes Pitch for Slots in Maryland

    Revitalization of Pimlico Race Course could begin immediately and be completed within 24 months if slots legislation is passed in Maryland, Magna Entertainment Corp. president Jim McAlpine told members of the Maryland General Assembly on Monday.

  • Magna Gains $75 million through Notes Sell-Off

    Magna Entertainment Corp. earned net proceeds of $72.75 million through its sale of Convertible Subordinated Notes, which will now used to pay for capital expenditures and other general corporate purposes.

  • Part of the facilities at new South Florida training center.

    Palm Meadows Opens for Training

    Magna Entertainment Corp.'s long-awaited South Florida training center Palm Meadows opened for business on Monday. About 250 horses were expected to work opening day.

  • Magna Gets Approval to Operate Colonial Downs

    The Virginia Racing Commission approved Wednesday an application that allows Maryland Racing Inc. to acquire a majority interest of the Colonial Downs operator's license. Maryland Racing is owned by Magna Entertainment Corp. With the approval, Magna Entertainment's purchase of Laurel Park and Pimlico can be finalized.

  • New Tote Security Measures Announced

    The NTRA's wagering technology working group on Friday called for three intitial, concrete steps to improve electronic wagering security in an effort to increase customer confidence. The steps will be implemented immediately by Churchill Downs, Magna Entertainment, and the New York Racing Association, as well as by the three largest totalisator companies. Other racetracks and off-track wagering operators were expected to sign on as well.

  • NTRA Enlists Security Expert to Test Tote Systems

    The National Thoroughbred Racing Association's newly implemented Wagering Technology Working Group has enlisted Ernst & Young's technology and security risk services to assess and test the security systems currently in place at the three major tote companies.

  • Magna Envisions Another California Training Center

    Magna Entertainment Corp. hopes to build a Thoroughbred training facility for up to 2,000 horses on 326 acres in California's Ventura County, in the heart of perhaps the leading strawberry-producing region of the country.

  • Remington Park G.M Resigns

    Remington Park's general manager Frank Deal has resigned as head of the state's largest racetrack, <i>The Oklahoman</i> reported Monday.

  • Oklahoma Dates Compromise is No Solution, Say Horsemen

    The Oklahoma Racing Commission approved a compromise racing schedule that tried to preserve a Quarter Horse meet at Remington Park, while allowing the financially trouble track to stay open. The trouble is that no one likes the compromise and some feel it was railroaded through by the commissioners.

  • Remington Park Forced to Run Quarter Horse Dates

    The Oklahoma Racing Commission denied Thursday a request by Remington Park to eliminate its Quarter Horse dates for the time being and run only 65 days of Thoroughbred racing next year. Remington Park officials say the decision puts the track in financial jeopardy and may force it to close.

  • Sunshine Millions: $3.6M in Purses in California, Florida

    The Sunshine Millions, a series for California-breds and Florida-breds, will be held Jan. 25, 2003, according to Magna Entertainment. The program will feature four races each at Gulfstream Park in Florida and Santa Anita Park in California, both of which are owned by Magna.

  • Rosecroft Hears Offers; Magna is Highest Bidder

    Rosecroft Raceway, a harness track in Maryland, will be sold, possibly to Frank Stronach's Magna Entertainment. Magna has recently purchased a majority interest in the Maryland Jockey Club, which operates Pimlico and Laurel Thoroughbred tracks.

  • Lone Star Park Lease Agreement Transfer Approved

    An agreement transferring the master lease on Lone Star Park from the city of Grand Prairie, Texas to Magna Entertainment (MEC) was unanimously approved by the Grand Prairie Sports Facilities Development Corporation (GPSFD), the seven-member board appointed by the city of Grand Prairie to serve as landlord of the track. The transfer is pending approval by the Texas Racing Commission.

  • Magna Awaits Approval to Purchase Lone Star Park

    Magna Entertainment Corp. is still waiting for the green light from the Texas Racing Commission to acquire ownership of Lone Star Park in Grand Prairie. A background check by the Texas Department of Public Safety is under way.

  • Magna to New York: 'We Are Not Going Away'

    Stymied in recent efforts to enter the New York racing market, Magna Entertainment is still highly interested in moving its way into the lucrative betting state, the company's president said Aug. 6.

  • Magna Entertainment chairman Frank Stronach.

    Stronach: Pimlico Should Be Leveled, Rebuilt

    In his first public comments about specific plans for Maryland racing, Magna Entertainment chairman Frank Stronach said the company will tear down Pimlico Race Course and build a new track on the same site.

  • Magna Stops Buying Spree...For Now

    Magna Entertainment's buying spree is over for the time being. The Ontario-based racing conglomerate has shifted its focus toward making the 10 racetracks it owns and manages more efficient and profitable.

  • Maryland Track Deal Figures to Have Broad Impact

    Magna Entertainment has plans to transform Maryland's premier Thoroughbred racetracks into "destination entertainment centers," and apparently expand off-track wagering in the state. At this time, though, officials are reluctant to discuss details.

  • Magna Buys Majority Interest in Pimlico, Laurel Park

    Magna Entertainment will hook up with Joe and Karin De Francis to own and operate Laurel Park and Pimlico Race Course under a $117.5-million deal announced July 15. At least a partial sale of the two Maryland racetracks has been rumored for months.

  • Magna Introduces 'Betty' to XpressBet Customers

    XpressBet Betty, the English-only voice recognition system, is the latest innovation in home account-wagering technology from Magna Entertainment Corp. It allows phone bettors to place wagers by simply speaking, and works without need of a live operator.

  • Magna Has Deal to Acquire Flamboro Downs

    Magna Entertainment Corp. announced Tuesday an agreement to buy Flamboro Downs Holdings for $47 million, which will give the Ontario-based racetrack conglomerate its first racetrack in Canada.

  • Stock Slump Drags Down Racing Stocks

    Public companies with ties to Thoroughbred racing slumped from 1-20% Monday as the resignation of Tyco International's chairman and growing investor skepticism dragged down the entire market.