Magna Entertainment Corp.
News and overview for Magna Entertainment Corp.
Horse Racing Launches, Challenging TV Games
Multichannel News | 41 days 22 hours 18 minutes ago
There's a new horse race in town, as Magna Entertainment Corp. has launched HorseRacing TV, competing against Gemstar-TV Guide International Inc.'s TV Games Network.
Tracks' potential buyers are raising their hands
Sun (Baltimore), The | 20 days 14 hours 56 minutes ago
Auction of Laurel Park, Pimlico gets under way
Magna seeks permission to auction Md. tracks
Oregonian (Portland), The | 41 days 13 hours 10 minutes ago
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Deadline for Pimlico, Laurel bids pushed back a week
Sun (Baltimore), The | 7 days 7 hours 50 minutes ago
The bankrupt owner of Pimlico Race Course and Laurel Park has pushed back by a week the deadline for the second round of bids for the two Maryland tracks.
Gulfstream Park President Bill Murphy resigned Saturday from Hallandale Beach horse track and casino
Orlando Sentinel (Fla.) | 23 days 2 hours 53 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.
Judge Approves Sale of Lone Star Park
ABC News | 26 days 3 hours ago
Magna bankruptcy judge approves sale of Lone Star Park after second auction
Magna says it won't consider bid to move Preakness - AP - NOLA.com
Times-Picayune (New Orleans), The | 41 days 3 hours 29 minutes ago
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Tracks to go on block
Sun (Baltimore), The | 39 days 16 hours 1 minute ago
Bankruptcy judge OKs auction of Pimlico, Laurel early next year
Magna seeks permission to auction Md. tracks - AP - NOLA.com
Times-Picayune (New Orleans), The | 41 days 13 hours 10 minutes ago
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Golden Gate Fields seeks buyer to saddle up
American City Business Journals | 26 days 16 hours 4 minutes ago
The owner of Albany’s Golden Gate Fields hopes someone else will want to trot off with the storied East Bay horse racing track.
Golden Gate Fields to be auctioned in February
American City Business Journals | 25 days 3 hours 1 minute ago
The bankrupt owner of Albany’s Golden Gate Fields will auction the horse racing track next February as part of ongoing effort to raise funds to repay creditors.
Likely new Okla. track owners plan major updates
Forbes | 39 days 3 hours 17 minutes ago
OKLAHOMA CITY -- The likely new owners of Remington Park said Thursday that patrons of the track soon will see amenities including flat-screen televisions and renovated corporate boxes as well as new or updated gaming machines in its casino.
Gulfstream Park's president quits suddenly
Palm Beach Post (Fla.), The | 22 days 23 hours 21 minutes ago
Gulfstream Park President Bill Murphy resigned Saturday, according to a company press release.
Churchill Downs bets on online growth; buys Youbet.com for $127.8 million | courier-journal.com | The Courier-Journal
Courier-Journal (Louisville, Ky.), The | 10 days 12 hours 58 minutes ago
Churchill Downs Inc. is making its biggest expansion yet into online gambling, announcing Wednesday it will buy Youbet.com for $127.8 million in cash and stock.
Pimlico, Laurel Park in bankruptcy auction
United Press International | 39 days 7 hours 24 minutes ago
WILMINGTON, Del., Oct. 15 (UPI) -- A U.S. bankruptcy judge approved the auction of Maryland's Pimlico Race Course and Laurel Park despite objections from the former owners.
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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 |