Keyword: mcalpine

  • Panel Stresses Benefits of Racing to Regulators

    Despite divergent agendas, a blue ribbon panel from the Thoroughbred industry spoke to state lawmakers at the annual meeting of the National Council of Legislators from Gaming States in Duck Key, Fla., Jan. 15.

  • MEC Wants to Be Friend of New York Racing

    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 Posts Losses But Growth Plan Continues

    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.

  • MEC Has Plans--With or Without NYRA

    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.

  • McAlpine Among MEC Execs Receiving Bonuses

    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 Makes Pitch for Tracks in Quebec

    Magna Entertainment Corp. announced Tuesday that it has made a non-binding proposal to the government of the Canadian Province of Quebec to invest in Quebec's four Standardbred racetracks, as well as a training center located in St. Basile le Grand.

  • Magna Losses Total $103 Million in Fourth Quarter

    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.

  • 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.

  • Magna Unveils Construction Plans for Laurel, Pimlico

    Magna Entertainment Corp., majority owner of the Maryland Jockey Club, has unveiled what it says is the first phase of an overall plan to rebuild Pimlico and Laurel Park from the ground up - grandstands, racing surfaces and stable areas. The $46-million first phase of the plan will include new stables and training track at Laurel Park.

  • 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 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 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.

  • Magna Reports Soft Third Quarter, Loses Two More Directors

    Magna Entertainment reported across-the-board declines in revenue, net income, and earnings per share for the third quarter ending Sept. 30. The Ontario-based racing conglomerate also announced the resignation of two more directors, John York II and James Nichol, from its board of directors.

  • 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.

  • 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 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.

  • 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.

  • Magna: More Tracks, Profit-Sharing Plan for Racing

    Look for more of the same from Magna Entertainment, which has built itself into the largest operator of Thoroughbred racetracks in the country, in the next two years. In addition, company chairman Frank Stronach has proposed a plan to split profits from racing.

  • Magna Posts Mixed Fourth Quarter, Strong Gains for 2001

    Magna Entertainment reported a 28% gain in fourth quarter revenue, but losses in net income and earnings per share for the three-month period ending Dec. 31. For the year, the Canadian racing conglomerate reported a 25.5% increase in revenue, a jump in net income from $441,000 to $13.5 million, and an increase in diluted earnings per share from 1 cents to 16 cents.

  • Ray Paulick <br>Editor-in-Chief

    The Endless Fight

    <i>By Ray Paulick</i> -- TVG isn't the only one getting hurt by the impasse with Magna over account wagering in California.

  • TVG president Mark Wilson.

    TVG-Magna Negotiations at Impasse Over Exclusive Contracts

    Talks between Magna Entertainment and the TV Games Network are over, according to TVG president Mark Wilson, who has been negotiating with Magna chief executive officer James McAlpine in hopes of striking a deal to bring Santa Anita, Gulfstream Park, and other Magna tracks to TVG's racing and wagering network.

  • TRA Adds Board Members

    The Thoroughbred Racing Association's (TRA) board of directors elected several new directors Thursday at its regular board meeting in Tucson.

  • McAlpine Challenges Industry, TVG to Embrace Free Enterprise

    Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority. And as Magna prepares to launch its own online and telephone account wagering service in California, McAlpine urged TVG to abandon its exclusive contracts with racetracks and merge its content with Magna's tracks and others.

  • McAlpine Challenges Industry, TVG to Embrace Free Enterprise

    Magna Entertainment president Jim McAlpine told racing industry leaders Thursday that their best chance to compete against Las Vegas and Disney, which he says are horse racing's true competitors, is by making industrywide deregulation and the adoption of free enterprise a top priority.

  • Magna Improves Historically Slow Third Quarter

    Magna Entertainment showed some improvement during the third quarter ending Sept. 30, historically the company's weakest period of the year. Revenue for the Ontario-based racing conglomerate increased 31.1% for the quarter and 24.9% for the first nine months of the year.

  • Magna Posts Second Quarter Gains

    Magna Entertainment reported an 11% increase in revenue and a 21% increase in earnings before interest, taxes, depreciation, and amortization for the second quarter ending June 30. The recent quarter was the first to include all the company's operations.

  • Magna Posts Strong First Quarter

    Magna Entertainment reported an 87% increase in earnings to 28 cents per share along with double digit increases in revenue and net income for the first quarter ending March 31.

  • Magna&#39;s Stronach:  &quot;We believe that conducting wagering on horse racing is ideally suited to become a global business.&quot;

    Magna Reports $9.2 Million Fourth Quarter Loss

    Magna Entertainment, the racetrack company chaired by owner-breeder Frank Stronach, reported Monday a net loss of $9.2 million during the fourth quarter of 2000. For the year, the company reported net income of $441,000 on revenue of $413.6 million. The fiscal year profit was a reversal from 2000, when Magna posted a $62,000 loss; the 2000 fourth quarter loss was $3-million.

  • McAlpine Appointed Magna President/CEO

    Magna Entertainment Corp. appointed its third president and chief executive officer within a year. The Magna board appointed Jim McAlpine today as the company's president and chief executive officer. McAlpine was executive vice president of non-automotive affairs for Magna International, MEC's parent company and automotible parts manufacturing company founded by MEC chairman Frank Stronach.