Magna Entertainment Corp.

News and overview for Magna Entertainment Corp.

Magna says it won't consider bid to move Preakness
Yahoo! | 41 days 12 hours 46 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.


Magna says in bankruptcy court filings it won't consider bids to move Preakness
Sun (Baltimore), The | 41 days 11 hours 8 minutes ago
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 Entertainment says in bankruptcy court filings it won't consider bids to move Preakness
Orlando Sentinel (Fla.) | 41 days 13 hours 40 minutes ago
ANNAPOLIS, Md. (AP) — 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 .


Magna says in bankruptcy court filings it won't consider bids to move Preakness -- South Florida Sun-Sentinel.com
Sun-Sentinel (Fort Lauderdale, Fla.) | 41 days 13 hours 12 minutes ago
ANNAPOLIS, Md. (AP) — 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 .


Judge approves sale of Lone Star Park
Richmond Times-Dispatch (Va.) | 26 days 9 hours 9 minutes ago
WILMINGTON, Del. (AP) -- 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.


Magna bankruptcy judge approves sale of Lone Star Park after second auction
Sun (Baltimore), The | 26 days 11 hours 47 minutes ago
A Delaware bankruptcy judge has approved the sale of Magna Entertainment Corp.'s Lone Star Park track in Texas.


Magna says it won't consider bid to move Preakness | courier-journal.com | The Courier-Journal
Courier-Journal (Louisville, Ky.), The | 40 days 10 hours 53 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.


Judge approves plan to auction Pimlico, Laurel Park tracks
Sun (Baltimore), The | 40 days 15 hours 2 minutes ago
Bankrupt track owner Magna wants Jan. 8 auction to proceed so state has time to match bids


Magna extends bids deadline for tracks
Sun (Baltimore), The | 7 days 10 minutes ago
Magna Entertainment Corp. has pushed back by a week the deadline for the second round of bids for Pimlico Race Course and Laurel Park. Bids will now be due Dec. 11 instead of Dec. 4, according to court papers.


Commission gives preliminary OK for gaming license
Native American Times (Tulsa, Okla.) | 15 hours 49 minutes ago
OKLAHOMA CITY (AP) - More than two years after expressing a formal interest in buying Remington Park, a subsidiary of the Chickasaw Nation won preliminary approval Thursday for a 2010 racing and gaming license.


Judge to hear arguments over Magna profit-sharing deal
Sun (Baltimore), The | 5 days 9 minutes ago
A federal bankruptcy judge agreed Wednesday to hear arguments Jan 5


Magna Entertainment Sells Lone Star Park For $47.9 Million
Wall Street Journal, The | 25 days 15 hours 14 minutes ago
Of DOW JONES DAILY BANKRUPTCY REVIEW Magna Entertainment Corp. (MECAQ) obtained bankruptcy-court approval Wednesday to sell its Lone Star Park horse racing track to Global Gaming Solutions LLC for $47.9 million.


Stronach revives theme park dream
Globe and Mail (Toronto), The | 3 days 22 hours 3 minutes ago
Frank Stronach has been called a visionary and compared with Cuban dictator Fidel Castro. But when he gets an idea, he doesn't give up on it easily.


Magna seeks Jan. auction of Md. racetracks
Sun (Baltimore), The | 42 days 1 hour 8 minutes ago
Bidders must vow to keep Preakness here, court told


Magna asks court to bar '02 slots deal
Sun (Baltimore), The | 26 days 1 hour 12 minutes ago
The bankrupt owner of Laurel Park and Pimlico Race Course wants to terminate a profit-sharing agreement to split any potential slots proceeds with the tracks' former owners, including Joseph De Francis, before the two racetracks go on the auction block early next year.





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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