Magna Entertainment Corp.
News and overview for Magna Entertainment Corp.
Magna judge approves sale of Lone Star Park after rescheduled auction
Star Tribune (Minneapolis-St. Paul, Minn.) | 26 days 16 hours 14 minutes ago
WILMINGTON, Del. - A subsidiary of the Chickasaw Nation of Oklahoma received court approval Wednesday to buy Magna Entertainment Corp.'s Lone Star Park horse track in Texas, albeit for $20 million more than the tribe first thought it would spend.
Sale of Texas track to Chickasaws hits snag
Forbes | 40 days 18 hours 29 minutes ago
TULSA, Okla. -- A federal bankruptcy judge in Delaware ruled Wednesday that the auction of a Texas horse racing track should be rescheduled, delaying the hopes of a subsidiary of an Oklahoma-based American Indian tribe that wants to buy the facility.
Magna proceeds with Md. tracks auction without lead bidder
Sun (Baltimore), The | 11 days 21 hours 50 minutes ago
The bankrupt owner of Pimlico Race Course and Laurel Park will move forward with the sale of the two Maryland thoroughbred tracks without naming a lead bidder.
Magna seeks extension to reveal bid for tracks
Sun (Baltimore), The | 14 days 6 hours 55 minutes ago
The bankrupt owner of Maryland's Pimlico Race Course and Laurel Park filed Monday a motion seeking to extend the deadline to provide a lead, or "stalking horse," bid for the Maryland assets to Wednesday
Magna says it won't consider bid to move Preakness
Seattle Times, The | 41 days 20 hours 23 minutes ago
ANNAPOLIS, Md. Magna Entertainment Corp. says in bankruptcy court filings it won't consider auction bids that would move the Preakness Stakes horse race from Maryland, a decision cheered Tuesday by Gov. Martin O'Malley.
Olive: Stronach frozen out as GM kills Opel deal - thestar.com
Toronto Star, The | 20 days 6 hours 40 minutes ago
Frank Stronach's dream of becoming a leading world automaker died Tuesday when the board of General Motors Co. reversed itself and decided not to sell control of its European division, centred on the Opel and Vauxhall brands, to a consortium led by Stronach's auto-parts maker, Magna International Inc.
Stronach frozen out as GM kills Opel deal - thestar.com
Toronto Star, The | 20 days 4 hours 54 minutes ago
Frank Stronach's dream of becoming a leading world automaker died Tuesday when the board of General Motors Co. reversed itself and decided not to sell control of its European division, centred on the Opel and Vauxhall brands, to a consortium led by Stronach's auto-parts maker, Magna International Inc.
Magna's auction concerns state racing group
Sun (Baltimore), The | 34 days 7 hours 4 minutes ago
Members of the Maryland Racing Commission voiced concern Tuesday for the coming bankruptcy auction of Magna Entertainment Corp.'s three in- Pimlico Race Course, during their monthly meeting at Laurel Park.
Magna won't consider bid to move Preakness - Sports - SunHerald.com
Sun Herald (Biloxi-Gulfport, Miss.), The | 41 days 16 hours 15 minutes ago
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Gulfstream Park President Bill Murphy resigned Saturday from Hallandale Beach horse track and casino -- South Florida Sun-Sentinel.com
Sun-Sentinel (Fort Lauderdale, Fla.) | 23 days 18 hours 25 minutes ago
Gulfstream Park President Bill Murphy resigned Saturday. Murphy could not be reached for comment and no reason was given for his abrupt resignation, which took effect Friday.
Magna says it won't consider bid to move Preakness - Breaking News - Business - MiamiHerald.com
Miami Herald, The | 41 days 16 hours 17 minutes ago
ANNAPOLIS, Md. -- In bold lettering in bankruptcy court filings, Magna Entertainment Corp. said it will not consider bids at auction that would move the Preakness Stakes horse race from Maryland, a decision cheered Tuesday by Gov. Martin O'Malley.
Magna says it won't consider bid to move Preakness - National Business - MiamiHerald.com
Miami Herald, The | 41 days 19 hours 50 minutes ago
ANNAPOLIS, Md. -- In bold lettering in bankruptcy court filings, Magna Entertainment Corp. said it will not consider bids at auction that would move the Preakness Stakes horse race from Maryland, a decision cheered Tuesday by Gov. Martin O'Malley.
Wire Business News
Sacramento Bee (Calif.), The | 41 days 19 hours 48 minutes ago
ANNAPOLIS, Md. -- In bold lettering in bankruptcy court filings, Magna Entertainment Corp. said it will not consider bids at auction that would move the Preakness Stakes horse race from Maryland, a decision cheered Tuesday by Gov. Martin O'Malley.
Magna seeks Jan. auction of Md. racetracks -- South Florida Sun-Sentinel.com
Sun-Sentinel (Fort Lauderdale, Fla.) | 40 days 8 hours 29 minutes ago
Magna Entertainment Corp. , owner of Pimlico Race Course and Laurel Park, has asked a bankruptcy judge for permission to auction its Maryland racetracks early next year, under the condition that potential buyers promise not to move the cherished Preakness out of the state.
Quest for 'stalking horse' fails
Sun (Baltimore), The | 11 days 6 hours 43 minutes ago
Pimlico, Laurel Park to be auctioned without a lead bid, prolonging questions about future
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Company Overview
| Company: | Magna Entertainment Corp. |
|---|---|
| Industry: | Gaming Activities |
| Website: | http://www.magnaent.com |
Racing fans gallop to these tracks to bet on the ponies. Magna Entertainment Corp. (MEC) is a leading player in North American horse racing, with about 10 race tracks in eight states. Its portfolio includes California's famed Santa Anita Park, Pimlico in Baltimore, and Gulfstream Park in Florida. In addition to live racing, MEC operates several simulcast systems that distribute racing events to off-track betting facilities, as well as wagering deposit systems that allow punters to place bets online and by telephone. The company also has racing operations and wagering systems in Europe. Controlled by chairman Frank Stronach through MI Developments, MEC filed for bankruptcy in 2009.
Key Numbers
| Sales in U.S. Dollars (mil.) | 625.7 (2007) |
|---|---|
| One-year % Growth in Sales | -10.9 (2007) |
| Net Income in U.S. Dollars (mil.) | -113.8 (2007) |
| One-year % Growth in Net Income | 0.0 (2007) |
| Number of Employees | 5,300 (2007) |
| One-year % Growth in Number of Employees | 0.0 (2007) |
| Fiscal Year-End | December |
