The Meadows

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Calder Adds Marshall to Executive Team

John T. Marshall has been named vice president and general manager of racing for Calder Race Course, Churchill Downs Inc. announced Dec. 19. He will report to Calder president and general manager Tom O' Donnell and begins his new role effective Jan. 19, 2009.

The Meadows Changes Hands

The parent company of the The Meadows Racetrack and Casino in Pennsylvania, which is operated in part by former owner Magna Entertainment Corp., has been sold for $1.75 billion to an Australian entity, it was announced Dec. 12.

Magna Completes Sale of The Meadows

Magna Entertainment Corp. announced Tuesday that PA Meadows, LLC, a company owned by Cannery Casino Resorts, LLC, made payment to MEC of $175 million in cash and delivered a $25 million holdback agreement, representing the purchase price for The Meadows, a Standardbred racetrack in Pennsylvania.

MEC Reports Loss; Has Deal to Sell Pennsylvania Operation

On the same day it reported a third-quarter loss of $34.5 million, Magna Entertainment Corp. announced it entered into a deal to sell its Pennsylvania operation--The Meadows harness track and a ring of off-track betting parlors in the western part of the state--to Millennium Gaming and Oaktree Capital Management for $225 million.

MEC Hopes to Identify Partners This Year

Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.

MEC Banks on Profitability--and Slots--by 2007

Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.

Hope for New Thoroughbred Track Seems Dim

  • News

Hope that passage of slot machine legislation in Pennsylvania would result in a new Thoroughbred racetrack near Pittsburgh seems futile. Negotiators with knowledge of the bill signed into law July 5 by Gov. Ed Rendell said a stand-alone slots parlor in downtown Pittsburgh is much more likely.

Magna Appeals Licensing of Proposed Erie Track

  • News

Magna Entertainment's Pennsylvania subsidiary has appealed a decision by regulators to grant MTR Gaming a license to build Presque Isle Downs, a Thoroughbred racetrack proposed for the Erie area.

Horsemen Affected by Fire to Get Assistance

  • News

Magna Entertainment, owner of The Meadows, hopes to raise about $25,000 Friday night to assist horsemen who lost Standardbreds in a barn fire at the western Pennsylvania racetrack July 6.

Magna Finishes $53 million Ladbroke Deal

Magna Entertainment has completed a deal to acquire an account wagering system, The Meadows harness track, four off-track betting parlors, and an 18% interest in The Racing Network for $53 million in cash, stock, and a promissory note.

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