Keyword: MI Developments

  • Higher Purses, Lights on Tap at Gulfstream

    Gulfstream Park will have more money coming from slot machines and poker for purses, more betting stations, and a larger betting menu for the 2011 meet that will also feature the installation of lights.

  • MID Pays First Half Dues to NTRA

    MI Developments, among the largest dues-paying members of the National Thoroughbred Racing Association, committed to the organization for the first half of 2010 and will discuss its future involvement.

  • Frank Stronach

    Stronach Calls Meeting With Calif. Horsemen

    Frank Stronach, chairman of MI Developments and owner of Santa Anita Park and Golden Gate Fields, has called a meeting with California horsemen Aug. 18 at Del Mar Surfside Race Place, the track's simulcast wagering facility.

  • The Pro-Ride at Santa Anita

    Santa Anita Track Repair Discussed at Meeting

    Amid concerns about track safety, horsemen representatives and Santa Anita management met the morning of Aug. 6 to discuss progress on renovation of the Pro-Ride synthetic racing surface that began July 26.

  • Dennis Mills

    Longer Meets, Help for Owners Suggested

    A desire for longer meets at racetracks is among the prominent themes derived from comments submitted to MI Developments vice president Dennis Mills as part of a contest at his RacingFuture.com website.

  • CHRB Frustrated Again by MI Developments

    Thoroughbred racing in California remained uncertain about the future following a state horse racing board meeting July 22 in which major track owner MI Developments refused once again to provide a glimpse of its plans.

  • Oak Tree Eyes Del Mar as Future Home

    A day after the Oak Tree Racing Association received a one-year reprieve from its landlord at Santa Anita Park, its executive vice president said he's working on a long-term lease arrangement for the autumn meet at Del Mar.

  • Oak Tree to Remain at Santa Anita in 2010

    The Oak Tree Racing Association will be allowed to use Santa Anita Park for its autumn racing meeting after Frank Stronach relented at the conclusion of a long California Horse Racing Board meeting June 22 at Hollywood Park.

  • Caton Bredar

    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.

  • Alex Waldrop, president and chief executive officer of the NTRA.

    NTRA: 'Punching Bag' or Valued Resource?

    As the National Thoroughbred Racing Association prepares for its June 3 board of directors meeting in New York amid a changing landscape, the organization's biggest challenge could very well be industry perception.

  • MID Affirms Support for California Racing

    In view of the recent announcement that the Oak Tree Racing's lease to conduct a fall meet at Santa Anita Park had not been renewed, MI Developments issued a statement May 18 reaffirming its support for California racing.

  • MEC Reorganization Plan Approved by Judge

    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.

  • Gulfstream Park Handle Grew 4.2%

    The South Florida racetrack bucked the national trend of declining handle. Bad weather in the northeast and heavy rains in the West helped make the Gulfstream signal more attractive.

  • Gulfstream to Open With Changes Jan. 3

    Gulfstream Park's 2010 schedule is again laden with graded stakes, and one safe bet is that most of the 80 racing days will be warm and sunny. Otherwise, there are changes and questions in abundance.

  • Sanata Anita

    Auction of Santa Anita, Lone Star Withdrawn

    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

    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."

  • Stronach Critical of Certain MID Investors

    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.

  • 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.

  • Part of Minor's plan is to keep racing at Golden Gate Fields.

    Minor Details Bid for Most MEC Assets

    Technology entrepreneur Halsey Minor said on April 3 that he has submitted a bid to Magna Entertainment Corp. under which he would buy substantially all of that bankrupt company's assets except Gulfstream Park in Hallandale Beach, Fla.

  • MEC OK'd for Additional Interim Funding

    Magna Entertainment Corp. received an additional $2.5 million in interim financing to continue its operations through the initial stages of its bankruptcy reorganization April 3 after apparent agreements were reached with some of its objecting creditors

  • Banks Object to MEC Auction Process

    Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.

  • MEC 2008 Loss Highest in Company History

    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.

  • 'Critical' MEC Financing OK'd by Judge

    A judge signed an interim order March 13 allowing Magna Entertainment Corp. to borrow $13.4 million to continue its operations during the early stages of the company's bankruptcy reorganization, though final approval for the lending facility won't be authorized until an April 3 hearing.

  • MID: Golden Gate Closing Not Imminent

    Golden Gates Fields is not in any immediate danger of being closed and could possibly remain a racing operation indefinitely, a leading official with MI Developments said March 12.

  • Golden Gate Fields

    MID May Dispose of MEC Tracks by 2011

    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.

  • Gulfstream Park is one of the assets that MEC is trying to sell.

    Magna Files for Chapter 11 Bankruptcy

    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.

  • MID Shareholder: Foreclose on MEC Loans

    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.

  • MEC Reorganization Plan Scrapped

    Magna Entertainment Corp. said Feb. 18 it might not be able to meet pressing financial obligations unless alternative measures are found, a revelation disclosed following the sudden halt of a controversial reorganization proposal for the company and its controlling shareholder, MI Developments.

  • Greenlight Rips MEC Reorganization Plan

    A longtime adversarial shareholder in MI Developments has blasted the latest reorganization proposal to spin-off subsidiary Magna Entertainment Corp., a plan which includes $75 million in funding for a potential slots parlor at Laurel Park in Maryland.

  • 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."

  • Letters Critical of MEC's Economic State

    San Francisco-based institutional investor Farallon Capital Managment and technology entrepreneur Halsey Minor are separately asking MI Developments Inc. for a major financial shake-up of racing conglomerate Magna Entertainment Corp. MID is the controlling shareholder of the debt-laden racetrack owner.