Magna Entertainment Co. announced "disappointing" second-quarter earnings Aug. 9 that included a $23.4-million loss during the period, and outlined new initiatives to help reduce mounting debt that has haunted the racetrack operator.
Northville Downs, a harness racetrack in Detroit's western suburbs, has challenged a decision by the Office of Michigan Racing Commissioner to grant a Thoroughbred license to Magna Entertainment Corp. for its planned Michigan Downs.
Magna Entertainment Corp. has sold Great Lakes Downs in a lease-back deal that will allow it to operate a live Thoroughbred meet at the western Michigan facility and pursue plans for Michigan Downs, a proposed racetrack in the Detroit metropolitan area.
A member of the state Senate committee considering legislation that would allow video lottery terminals at Michigan racetracks predicted the week of March 22 that the bill would be voted out of committee and passed by the Senate this spring.
Magna Entertainment Corp. chairman Frank Stronach wants to get things moving with his company's proposed racetrack in Romulus, Mich., but state racing commissioner Robert Geake reiterated Thursday that much remains to be accomplished before any action can be taken.
Magna Entertainment Corp. removed another obstacle to bringing Thoroughbred racing back to the Detroit area on Tuesday when it applied to transfer its Great Lakes Downs racing license to a Delaware corporation.
Voters in Romulus, Mich., will decide Dec. 2 whether to allow for gambling establishments, one of which is a multi-breed racetrack proposed by Magna Entertainment Corp.
Magna Entertainment Corp. Monday unveiled plans for a $100-million racetrack and entertainment project near Detroit International Airport.
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