Magna Entertainment Corp. Tuesday reported a net loss of $103.2 million for the fourth quarter of 2003, or 96 cents a share, which includes a previously announced non-cash write-down of $81.7 million on its assets.
Magna Entertainment Corp. will record an $82-million non-cash write-down for the fourth quarter of 2003, but the company said there would be no operating impact on any of its racetracks.
Indian tribes, the horse racing industry, and Gov. Brad Henry have reached an agreement on legislation that would allow racetracks to install gaming machines and regulate devices currently operating at tribal casinos. The measure now goes to the state legislature.
- By Ray Paulick
By Ray Paulick -- Let's hope other track operators have learned something from the NYRA investigation. Meanwhile, a review of other top events of '03 shows optimism for the New Year within racing, breeding, and auction sectors of the industry.
"Derby" specialist Excessivepleasure leads a field of six for the $150,000 Oklahoma Derby (gr. III) over 1 1/8 miles at Remington Park Sunday.
The future of Remington Park and perhaps the future of the entire Thoroughbred industry in Oklahoma could depend on a vote by House of Representatives to legalize electronic gaming at the state's racetracks.
In a Jan. 31 report filed with the U.S. Securities and Exchange Commission, Magna Entertainment said two of its racetracks have experienced operating losses over the past two years, and the impact will be assessed when the company releases its 2002 financial statement.
Bits and pieces from around the Thoroughbred industry...
For the first time Remington Park will be running a mixed Quarter Horse and Thoroughbred meet in 2003.
Remington Park has filed an appeal with the Oklahoma Racing Commission to amend its 2003 racing dates. The commission will decide Nov. 14 whether to reconsider the dates.
The Oklahoma Racing Commission approved a compromise racing schedule that tried to preserve a Quarter Horse meet at Remington Park, while allowing the financially trouble track to stay open. The trouble is that no one likes the compromise and some feel it was railroaded through by the commissioners.
The Oklahoma Racing Commission denied Thursday a request by Remington Park to eliminate its Quarter Horse dates for the time being and run only 65 days of Thoroughbred racing next year. Remington Park officials say the decision puts the track in financial jeopardy and may force it to close.
Louisiana Derby (gr. II) runner-up Easyfromthegitgo is the morning line favorite for the $250,000 Oklahoma Derby (gr. III) at Remington Park on Sunday.
Early indicators are that the field for Sunday's Oklahoma Derby (gr. III) will be a competitive one.
Remington Park reported across-the-board declines in attendance and handle for its 59-day meet that ended Nov. 24. The Oklahoma City racetrack reported a 4.3% decline in average daily attendance to 2,337 and an 11.5% drop in average daily on-track handle to $120,551.
Fifth through the early going, Top Hit rallied three wide into the stretch to win Sunday's $300,000 Oklahoma Derby (gr. III) at Remington Park.
Bits and pieces from around the industry
Racing and breeding news and information.
The Thoroughbred Corp.'s odds-on favorite Performing Magic edged ahead of 22-1 longshot Mister Deville in the final strides to win the $300,000 Remington Park Derby (gr. III) by a neck Sunday at Remington Park.
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