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 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.
- By Ryan Conley
MTR Gaming Group realized a 40% increase in net revenues for the second quarter, according to financials released Aug. 9, but recorded a net loss of $502,000 as the company battled slots competition from neighboring Pennsylvania.
Philadelphia Park Casino executives drew a rebuke from state regulators Aug. 7 over their unfinished plans to reshape the design of a permanent gambling hall they want to build next to the Thoroughbred racetrack.
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.
- By Ryan Conley
Magna Entertainment officials parried with contentious callers during an earnings conference call Nov. 2.
Magna Entertainment Corp. reported a slightly smaller net loss for the second quarter of 2006 compared with the same period last year, but indicated a working-capital deficiency of almost $140 million remains a problem.
Magna Entertainment Corp. has received conditional approval from the Pennsylvania State Harness Racing Commission to sell The Meadows, a western Pennsylvania harness track, for $225 million.
Youbet.com, Inc. announced Monday that its advanced deposit wagering Web site has gained the right to simulcast all of Magna Entertainment Corporation's live horse racing content during the 2006 season.
- By Tom LaMarra
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.
- By Tom LaMarra
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.
- By Tom LaMarra
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.
Magna Entertainment Corp. will receive funding for the reconstruction of Gulfstream Park and The Meadows from its parent company, MI Developments.
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.
The Pennsylvania Senate, on a 27-22 vote the evening of June 25, approved legislation to authorize racetrack slot machines. Now, the measure goes to the House of Representatives.
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.
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.
An barn fire early Friday morning at The Meadows, a Standardbred track near Pittsburgh, Pa., killed 28 horses, according to published reports.
Top officials in Michigan said an investigation has revealed that pari-mutuel wagering companies have illegally accepted wagers from Michigan residents by telephone or through the Internet. The companies have been sent "warning letters," the officials said.
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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