MID Reports Loss in Advance of Key Meeting
- By Tom LaMarra
MI Developments reported its racing and gaming business lost $76.68 million in 2010, with a loss of $47.29 million for the fourth quarter of last year, the company reported March 10.
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Split Verdict in Magna Simulcast Fees Case
A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.
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.
Charles Resigns as President of Santa Anita
Ron Charles, who has served as president of Santa Anita's Los Angeles Turf Club since 2004, has resigned. His last day will be May 19.
MEC Reorganization Plan Approved by Judge
- By Tom LaMarra
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.
Magna, De Francis Family Reach Settlement
The former owners of Laurel Park and Pimlico have reached a settlement with Magna Entertainment over the DeFrancis family's rights to future slots profits at the Maryland tracks.
CHRB Files Objection to Magna Creditor Plan
The California Horse Racing Board disputes more than $3 million that it contends belonged to off-track wagering entities when Magna Entertainment Corp. filed for bankruptcy one year ago.
Golden Gate Fully Accredited by Alliance
Golden Gate Fields in Northern California is the 15th racetrack to be fully accredited by the National Thoroughbred Racing Association Safety and Integrity Alliance.
CTT: San Luis Rey Downs to Close for Training
The California Thoroughbred Trainers reported Feb. 16 that San Luis Rey Downs will close as a Thoroughbred training center effective March 15.
New Surface for Santa Anita Later This Year
Santa Anita Park officials have indicated the California track's main racing surface will be replaced, but it remains to be seen if the new surface will be synthetic or dirt.
Settlement Reached in Magna Bankruptcy Case
Creditors of Magna Entertainment Corp. have apparently reached an agreement that will end the racetrack operating company's bankruptcy case.
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.
Group Submits Bid for Maryland Racing Assets
A new entity called Blow Horn Equity has submitted a bid for the Maryland Jockey Club assets, the company announced Dec. 18.
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.
Preliminary OK Given for Remington License
The Chickasaw Nation won preliminary approval Nov. 19 for a 2010 racing and gaming license at Remington Park, which expects to purchase the Oklahoma racetrack from Magna Entertainment Corp. for $80 million.
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.
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 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
- By Tom LaMarra
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.
Auction of Santa Anita, Lone Star Withdrawn
- By Jack Shinar
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
- By Tom LaMarra
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."
Bankruptcy Judge: MEC Can Sell Austrian Track
A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.
Thistledown Makes Payment; Will Stay Open
Thistledown race track in North Randall, Ohio made a required $36,000 payment toward a bond, which allows it to remain open, the Cleveland Plain Dealer reported June 17 on its Web site, cleveland.com.
TOC Among Interested Santa Anita Bidders
The Thoroughbred Owners of California is among the interested bidders in Santa Anita Park, an organization official confirmed.
Florida Bill Would Reduce Slots Tax
- By Jim Freer
The Florida Legislature passed a gaming bill May 8 that includes several changes sought by the state's Thoroughbred industry, and a compromise on the contentious issue of table games at the Seminole Tribe of Florida's casinos.
Stronach Critical of Certain MID Investors
- By Ryan Conley
Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
MEC Includes Santa Anita in New Auction Plan
- By Ryan Conley
Magna Entertainment Corp. submitted a new court plan May 1 to auction off some of its racetracks, including Santa Anita Park, as part of its Chapter 11 bankruptcy reorganization.
Breeders' Cup to Remain at Santa Anita
Breeders' Cup said April 29 this year's two-day World Championships will remain at Santa Anita Park.
MEC Seeks Court Help to Keep Breeders' Cup
Magna Entertainment Corp. is asking a Delaware bankruptcy judge to approve an agreement to keep this year's Breeders' Cup World Championships at Santa Anita Park even if the California track ends up in the hands of a new owner.
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.
Trustee Backs Plan for MEC Examiner
- By Ryan Conley
The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.
MEC Names New Interim CEO
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
MEC Creditors Criticize Stronach's Role
- By Ryan Conley
Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.
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.
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.
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
- By Ryan Conley
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 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.
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.
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.
MID May Dispose of MEC Tracks by 2011
- By Ryan Conley
The parent company of Magna Entertainment Corp. disclosed March 10 it does not intend to keep on a long-term basis the racing assets upon which it is bidding in MEC's Chapter 11 bankruptcy reorganization, including its "immediate" intention of redeveloping Golden Gate Fields into a commercial property if the bid is successful.
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.
Who's Who Among Who's Owed by MEC
- By Ryan Conley
Magna Entertainment Corp. claims it owes more than $235 million to its largest 50 unsecured creditors, including many prominent names in the Thoroughbred racing and breeding industry.
Magna Files for Chapter 11 Bankruptcy
- By Tom LaMarra
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.
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.
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.
MID Shareholder: Foreclose on MEC Loans
- By Ryan Conley
A prominent shareholder is asking MI Developments to foreclose on loans it has with its subsidiary Magna Entertainment Corp., if and when those credit agreements go into default, in hopes of recouping some of its investment in potential bankruptcy reorganization.
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