Magna Entertainment

Stronach swap a done deal

Canada’s The Globe and Mail reports that the swap for controlling interest in MI Developments is a done deal. Frank Stronach will give up his control over the company he started in exchange for dominion over the racetrack and other gambling operations held by MID after the bankruptcy of Magna Entertainment.

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The mystery of Lone Star Park

The future of Lone Star Park has become a Texas-sized mystery, writes Hal Lundgren in the Houston Chronicle, after Global Gaming LLC withdrew its application to buy the racing license. “Right now, no one seems to want to own the track,” he said of the Grand Prairie racetrack that was part of the Magna Entertainment […]

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Stronach halts closing of Laurel Park

Despite reports of closing Laurel Park after losing the slots ballot initiative to the Arundel Mills Mall, Frank Stronach says he will work with breeders and state officials to keep both Laurel and Pimlico operational. require_once(ABSPATH. ‘/wp-content/blogad.php’); ?> “I don’t believe in making rash decisions,” said Stronach. “I’d like to sit down with the […]

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A SPLIT DECISION FOR MAGNA/SIMULCAST PROVIDERS IN SIMULCAST FEES CASE

According to the Blood-Horse, a federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions. require_once(ABSPATH. ‘/wp-content/blogad.php’); ?> Read more at the Blood-Horse

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CHRB BEYOND FRUSTRATED WITH MI DEVELOPMENTS

By Ray Paulick The golden rule in the business world usually dictates that “he who has the gold makes the rules.” That’s not the way it usually is in the horse racing world, and certainly not in California. Frank Stronach and his MI Developments real estate company, owner of Santa Anita Park, Golden Gate Fields, […]

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PAULICK REPORT FORUM brought to you by Breeders’ Cup: MAGNA’S PARLIAMENTARY PROCEDURE

By Ray Paulick Dennis Mills is vice chairman and CEO of MI Developments, the Frank Stronach-controlled real estate company that assumed ownership of many of the racetracks formerly owned by another Stronach company, Magna Entertainment, after that entity filed for bankruptcy. Mills jumped from the frying pan into the oven when one of his […]

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UPDATE: NYC OTB PRESIDENT CASEY RESIGNS; REPLACEMENT REPORTEDLY MAKING $125,000 A MONTH

NYC OTB president Raymond Casey offered his resignation today to new chairman Larry Schwartz. This is not uncommon when a new chairman takes over any organization. However, his replacement Greg Rayburn (formerly appointed as interim CEO during Magna Entertainment’s Chapter 11 restructuring) is reportedly going to be making $125,000 a month. When the NYC […]

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OAK TREE AT HOLLYWOOD PARK IN 2010? BELIEVE IT

In a blistering attack on Frank Stronach and MI Developments, the company that acquired ownership of Santa Anita Park through the bankruptcy of a second Stronach-controlled company, Magna Entertainment, Southern California racing journalist Art Wilson says Stronach should sell Santa Anita to someone who cares more about the sport that, in Wilson’s words, is a “sinking […]

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TALE OF TWO TRACKS: MONMOUTH BUSINESS SOARS OPENING WEEKEND, HOLLYWOOD CANCELS WEDNESDAY CARD DUE TO LACK OF ENTRIES

Monmouth Park’s experimental 2010 race meeting of shorter weeks, bigger fields and higher purses got off to a rousing start this weekend, with substantial increases in on-track attendance and overall handle for both the Saturday and Sunday programs. After a record-breaking opening day on Saturday, pari-mutuel wagering on Sunday jumped 126% from 2009 levels. The […]

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‘WE’RE NOT GOING AWAY, FRANK’

By Ray Paulick William Bayne Jr. is a longtime horseplayer and horse owner who lost more than $2 million he invested in Frank Stronach’s now bankrupt Magna Entertainment (MEC). After a United States bankruptcy court judge recently approved a settlement plan transferring the assets of MEC to another Stronach-run company–MI Developments–but giving zero to MEC […]

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