Joe Morris is leaving the NTRA a second time to become MI Developments' vice president of operations and sales.
Shareholders of MI Developments voted March 29 to end the company's "dual class share" structure and turn its racing-related holdings over to chairman Frank Stronach.
- 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.
The Florida legislature began its annual session March 8, with a bill that would authorize up to five Las Vegas-style casino hotels topping its list of issues that would impact the state's Thoroughbred industry.
Breeders' Cup president and chief executive officer Greg Avioli has resigned to take a new position with a racing and gaming company, Breeders' Cup announced March 4.
A meeting in Louisville Feb. 25 between MI Developments chairman Frank Stronach and Churchill Downs Inc. chief operating officer Bill Carstanjen ended without resolving a racing dates dispute between Gulfstream and Calder.
Penn National Gaming Inc. is in negotiations with MI Developments to unload its 49% interest in the Maryland Jockey Club.
Gulfstream Park went on the offensive in its dispute with Calder Casino & Race Course Feb. 24 when it said it plans to race year-round during the 12 months beginning July 1.
A majority of shareholders in MI Developments have agreed to support the transfer of the company's racetracks to Frank Stronach in exchange for the company chairman to relinquish his voting control over MID.
The $80,000 Portland Meadows Oaks, part of the Black-Eyed Susan 2.2 program for 3-year-old fillies, is the featured event for a special Saturday program Jan. 29 at the Oregon racetrack.
Gulfstream Park would be willing to consider a partial change in southeast Florida's racing calendar, a top official of Gulfstream's parent MI Developments.
The biggest issue at Calder Casino & Race Course Jan. 4, closing day of its 2010-11 meet, was a fast-brewing and potentially bitter dispute with Gulfstream Park over southeast Florida's attractive December racing dates.
Gulfstream Park will open its 2011 racing meet Jan. 5 with a new Sunday date for the Florida Derby (gr. I), other changes in its stakes schedule, and new multi-race bets highlighted by a 10-cent only Pick 6.
A horsemen's representative acknowledged Dec. 21 there's still a little more than a week to get a racing schedule in place in Maryland for 2011, but he said chances are slim if the situation isn't resolved before Christmas.
The Reuters News Service is reporting that owner-breeder Frank Stronach is working out a deal in which he would relinquish control of his real estate company in exchange for some of its racetrack assets.
Penn National Gaming Inc. said Nov. 30 its joint venture with MI Developments in Maryland will continue, and that it planned to work on an "expedited basis" to devise a 2011 live racing schedule in the state.
Racing in Maryland for 2011 is in limbo after the Maryland Racing Commission Nov. 29 rejected a plan submitted by the Maryland Jockey Club and also rejected owner MI Developments' plan to sell 49% of the tracks to PNGI.
With a Dec. 1 deadline on racing dates looming, Maryland horsemen are advocating a schedule similar to that of 2010 even though a shutdown of Laurel Park for live racing and training is on the table.
Prominent Thoroughbred breeder-owner Frank Stronach has taken over as chief executive officer of MI Developments, the racetrack operating company of which he is already chairman.
Halsey Minor has made an offer to buy all MI Developments assets for $300 million to $320 million.
MI Developments has appointed Timothy Ritvo, a veteran trainer in Florida and several Northeast states, to the new position of vice president of racing for the East coast.
Santa Anita applied for the traditional Oak Tree Racing Association dates for 2011 during a Sept. 22 California Horse Racing Board race dates committee meeting.
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.
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.
MI Developments Inc. announced Aug. 27 a bonus program involving tracks owned by the company that could result in a $5.5 million bonus for the winner of the 2011 Preakness Stakes (gr. I).
- By Tom LaMarra
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.
Harrah's Entertainment said July 28 it has completed its purchase of Thistledown near Cleveland, Ohio, from MI Developments.
Citing the American concept of free enterprise, the owner of Santa Anita and Golden Gate racetracks is seeking more dates and the right to choose when to conduct live racing.
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.
The chief executive of the company that now owns Santa Anita Park said installation of a new main track would prevent Oak Tree from using the facility in 2010.
MI Developments announced on May 27 that Ken Dunn will leave his position as Gulfstream Park president and general manager effective May 28.
As was announced May 20 by MI Developments, longtime Santa Anita Park general manager George Haines has been named interim president of the track and will oversee all of MID's California racing operations.
MI Developments intends to offer Thistledown, the Ohio racetrack near Cleveland, for sale during a May 25 auction in New York.
The California Horse Racing Board got an opportunity to address recent actions of the state's newest track owner, MI Developments, at its May 20 meeting.
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.
MI Developments notified the Oak Tree Racing Association May 14 that it was ending its lease agreement.
- By Tom LaMarra
Churchill Downs Inc. and MI Developments said May 14 they will dissolve TrackNet Media Group, a company formed to address signal pricing and distribution.
The Maryland Jockey Club, now operated by MI Developments, will be jointly operated by Penn National Gaming Inc. upon closure of the deal, the two entities announced May 7.
The second jewel of the Triple Crown will stay in Maryland regardless of what happens to Pimlico while Magna navigates bankruptcy proceedings.
- 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.
Quieting some of the uncertainty surrounding Magna Entertainment's bankruptcy woes, Oak Tree Racing Association has been assured that its long-term lease will be honored at Santa Anita.
- 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."
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.
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.
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.
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 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.
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.
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."
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.
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