Keyword: MEC

  • MEC Has Slots License Fee--With Caveat

    Magna Entertainment Corp. said Feb. 4 it has arranged to pay a $28.5-million licensing fee for slot machines -- but the money will be placed in an escrow account at a Maryland bank.

  • Magna Entertainment Corp. chairman Frank Stronach

    National HBPA, Stronach Work on Charter

    Magna Entertainment Corp. chairman Frank Stronach is advocating a charter for "horsemen's rights" and said his company, the largest in North America in terms of racetrack holdings, would work with horsemen to accomplish it.

  • Laurel Slots Bid Called Into Question

    In a jaw-dropping revision, Maryland received requests for far fewer slot machines in five license proposals than previously thought, and two of the six bidders -- including Laurel Park owner Magna Entertainment Corp. -- failed to pay $22.5 million in required up-front fees, a state official said Feb. 3.

  • MEC Has Deal to Break From Shareholder

    Magna Entertainment Corp. announced Nov. 26 an agreement with MI Developments, the company's controlling shareholder, which will allow it to "recapitalize and reposition MEC to enable it to pursue its strategy of horse racing, gaming, and entertainment on a standalone basis."

  • MID's CEO Still Supports Magna

    Despite the earlier announcement that Magna Entertainment Corp. had a quarterly loss of $48.4 million and is seeking to sell core assets, including one or more of its top racetracks, management of the company that holds 60% equity interest in MEC continues to be optimistic of a turnaround.

  • MEC Losses Mount in Third Quarter

    Magna Entertainment Corp. reported a $48.4 million dollar loss in its third financial quarter and announced a financial adviser had been hired to possibly sell one of its core racetracks.

  • MEC Adopts Anti-Slaughter Policy

    Magna Entertainment Corp. has formally adopted a company-wide policy promoting the humane treatment of racehorses, the company announced Oct. 10.

  • MEC Shares Plunge in Sept. 30 Trading

    Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.

  • MEC Working With THG on Pricing Model

    Magna Entertainment Corp., in a statement issued the evening of Aug. 28, acknowledged it is having discussions with the Thoroughbred Horsemen's Group on what company chairman Frank Stronach called "a new framework" for pari-mutuel economics.

  • Magna Official Says He Will Step Down

    Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.

  • Racing was canceled once again at Santa Anita Park Jan. 6.

    MEC Might Sell Santa Anita Interest

    The head of Magna Entertainment Corp. said Aug. 6 a majority interest of Santa Anita Park could be sold to help the racetrack company reduce its staggering debt load.

  • MEC May Reconsider Sale of Some Assets

    Magna Entertainment Corp., which posted a $21.25-million loss for the second quarter of 2008, said Aug. 5 it's reconsidering the sale of some assets it expected to unload as part of a debt-elimination plan.

  • MI Developments Wins Greenlight Appeal

    A New York investment company and affiliates have lost their appeal of a shareholder oppression lawsuit they originally filed against the parent company of Magna Entertainment Corp., with the Canadian judges affirming lower-court awarded indemnity costs of $2.1 million.

  • MEC-owned Pimlico Race Course

    MEC: No Immediate Plan to Sell MD Tracks

    A Magna Entertainment Corp. executive said the company has no plans to sell either of its Maryland racetracks but indicated the results of a statewide November referendum on slot machines could play a role in any decision.

  • Magna Entertainment and the Maryland horsemen both are in favor of slot machine legislation being passed in the state.

    MEC, Horsemen Support Pro-Slots Campaign

    The Maryland racing industry is throwing its support behind a campaign for slot machines, but it remains to be seen whether any racetracks would get the gambling devices should the public approve a statewide ballot measure in November.

  • Nothing Definitive Yet on Change at MJC

    Change may be in the wind yet again regarding upper-level Maryland Jockey Club management, but as of May 15, officials with MJC owner Magna Entertainment Corp. said there's nothing to announce.

  • MEC, THG Talking But No Deal in Sight

    Officials with Magna Entertainment Corp. and the Thoroughbred Horsemen's Group have met twice recently to discuss the ongoing conflict over revenue splits for advance deposit wagering, though the sides aren't close to striking a deal.

  • MEC Eyes Options After Oregon Rejection

    Magna Entertainment Corp. said it is "considering all of its legal options" after the Oregon Racing Commission rejected its request to allow installation of Instant Racing gaming terminals at Portland Meadows April 25.

  • Conflict Threatens 2008 Thistledown Meet

    The clock is ticking on negotiations between the Ohio Horsemen's Benevolent and Protective Association and Thistledown, the Cleveland-area racetrack whose 2008 Thoroughbred meet is in jeopardy because of a conflict over racing dates.

  • NASDAQ: MEC Not in Compliance

    Share of Magna Entertainment Corp. have traded under $1 for more than 30 straight days, prompting NASDAQ to notify the racing and gaming company it was out of compliance with marketplace rules and faces delisting.

  • Report: Borgemenke an MEC Executive

    Former Ohio State Racing Commission chairman Scott Borgemenke has been named executive vice president for racing with Magna Entertainment Corp., according to the a published report.

  • Charles Named COO of MEC

    Santa Anita Park president and chief executive officer Ron Charles has taken on additional duties with the parent company of the racetrack after accepting an appointment as chief operating officer of Magna Entertainment Corp., it was announced Jan. 7.

  • Another New Look for Gulfstream

    Gulfstream Park will have still another new look when it opens its season Jan. 3, 2008, and track president and general manager Bill Murphy says the latest changes come "from listening to what people wanted."

  • Thistledown is at the center of the 2008 racing dates controversy in Ohio.

    More Dates Sought for Thistledown

    A controversial plan to shave live racing dates at Thistledown in 2008 could result in the halt of full-card simulcasts at the Cleveland-area racetrack in 2009.

  • The entrance at Palm Meadows Training Center

    Gulfstream Park Opens Stable Area

    Gulfstream Park and the affiliated Palm Meadows Training Center have received about 3,600 stall applications for 2,452 stalls, officials at the South Florida racetrack said.

  • Magna, Churchill Withdraw From Empire Racing

    A consortium of major horse industry companies vying for the Thoroughbred franchise in New York began falling apart Oct. 10, as Magna Entertainment Corp., Churchill Downs Inc., and Delaware North announced their withdrawal from Empire Racing Associates.

  • MEC Acquires Remainder of Maryland Jockey Club

    Magna Entertainment Corp. has exercised its option, pursuant to an agreement with certain companies controlled by Joe De Francis and his sister, Karin De Francis, to acquire the remaining interest in the Maryland Jockey Club, which operates Laurel Park and Pimlico Race Course.

  • Frank Stronach at the California Horse Racing Board meeting, Tuesday, June 19th.

    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.

  • Gulfstream Plans to Host Major South American Stakes

    The group I Gran Premio Latino Americano, one of South America's most prestigious stakes, will be run at Gulfstream Park in 2008 pending regulatory approval, Magna Entertainment Corp. announced May 19.

  • Empire Racing Names Members of 'Transition Team'

    Empire Racing Associates has released the names of a team of racing-operations professionals, many from Churchill Downs Inc. and Magna Entertainment Corp., that will lead its racing transition team should Empire Racing be awarded the New York Thoroughbred racing franchise.

  • Delays on MEC Video Extended, Talks Continue

    A temporary ban on the release of race video replays from Magna Entertainment tracks may continue through the end of the week for Post Time Technologies business partners, which include The Blood-Horse and the National Thoroughbred Racing Association.

  • AmericaTAB Gives Up Content to Target Exclusivity

    A decision by the AmericaTAB account wagering consortium to join TrackNet Media Group is a sign of support for efforts by Churchill Downs Inc. and Magna Entertainment Corp. to end exclusive contracts, an official said.

  • '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.