Keyword: MID

  • Gulfstream Interested in Casino Hotel

    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.

  • No Agreement Reached Over FL Race Dates

    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.

  • For the past 20 years, Calder has been the only Miami-area track to race in December.

    Bloodbath Looming on Florida Racing Dates?

    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

    Plenty of Changes for Gulfstream Meet

    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.

  • Laurel Park

    Chaos, Mistrust in Maryland as Clock Ticks

    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.

  • PNGI: No Plans to Exit Maryland Venture

    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.

  • Laurel Park

    MJC Plan Rejected; Laurel, Pimlico in Limbo

    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.

  • Laurel Park

    Maryland Horsemen Fighting for Race Dates

    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.

  • Frank Stronach

    Stronach Replaces Mills as MID CEO

    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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 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.