The TV Games Network is enjoying record growth due to the opening of Hollywood Park, the Kentucky Derby (gr. I), and an increasing popularity in Quarter Horse racing at Los Alamitos.
A partnership between Magna Entertainment, Greenwood Racing, and real estate investors Robert Baker and William Mack is pursuing the purchase of New York City Off-Track Betting Corp. The partners are one of five groups that submitted formal bids late Friday for the nation's most lucrative OTB franchise. NYCOTB owns 68 betting parlors, three teletheaters, and four restaurant-sports pubs that generated a $1 billion handle last fiscal year.
Second quarter losses and a failure to fully disclose all financial information at once caused Gemstar-TV Guide stock to tumble. Quarterly results were mixed for the division that operates the TV Games Network.
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