Magna Entertainment

MAGNA’S SPIN RUBS SALT IN WOUNDS

By Bradford Cummings In Kentucky last night, outsider candidate Rand Paul defeated “establishment” candidate and current Secretary of State Trey Grayson by a landslide in the Republican primary. At every turn, Paul described his opponent as a “career politician” who wasn’t a true conservative. While this may have won him the primary, there are […]

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CDI AND MAGNA TO DISSOLVE TRACKNET MEDIA

PRESS RELEASE Churchill Downs Incorporated (NASDAQ: CHDN) (“CDI”) and MI Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) (“MID”) today announced that the joint venture TrackNet Media Group (“TrackNet Media”), originally formed between CDI and Magna Entertainment Corp. (“MEC”), will be dissolved.  CDI and MID’s wholly owned subsidiary MI Developments Investments Inc. will remain partners […]

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BALTIMORE SUN: THE ANNOUNCEMENT TODAY THAT PENN NATIONAL GAMING IS ENTERING A JOINT VENTURE WITH MID…SHOULDN’T COME AS MUCH COMFORT

Is Penn National’s involvement bad for Maryland racing? That’s what the Baltimore Sun is insinuating today in their Second Opinion blog written by their editorial board. They claim, as many have who are against expanded gaming at racetracks, that Penn National is ‘now all about slots and table games, with horse racing a distinct […]

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STRONACH OUT AT MAGNA?

Frank Stronach has announced his intentions to step down from the helm of Magna International, the auto parts company he started in 1957. If shareholders approve of his $863 million deal, Stronach will be left with only a 7.44% share of the company. This is a reversal of his long held belief that companies needed […]

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MEA GULFSTREAM PARK

By Ray Paulick In an earlier Paulick Report visit to Gulfstream Park in January, temperatures were in the 40s, the track and casino were mostly empty, and the Village at Gulfstream Park shopping mall was a ghost town, with only a couple of stores having opened. Well, two months later, a lot has changed. […]

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MID ANNOUNCES AMENDMENTS TO MAGNA REORGANIZATION

PRESS RELEASE MI Developments Inc. today announced that the Plan of Reorganization in respect of Magna Entertainment Corp. (“MEC”) and certain of its subsidiaries, jointly proposed by MEC, MID and the Official Committee of Unsecured Creditors of MEC (the “Creditors Committee”), was amended to provide for the transfer of Maryland Jockey Club (“MJC”) to MID. […]

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STRONACH SAYS SANTA ANITA WON’T GO BACK TO DIRT UNLESS…

In a complete surprise to most, Magna Entertainment boss Frank Stronach has announced he plans to keep the Pro-Ride surface at Santa Anita Park despite recent problems with draining the track that have caused numerous cancellations. Stranger than the decision perhaps is the reason behind the decision. Throughout the bankruptcy process of Magna Entertainment, […]

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ENG: ROOTING FOR MEC TO SUCCEED

Las Vegas Review-Journal columnist Richard Eng chimed in on the recent Magna deal reached with creditors to maintain control of Gulfstream Park, Santa Anita, Golden Gate Fields and XpressBet. Despite such flops like the Horse Wizard slot machine, ultimately he makes a strong pitch for us to root for MEC to succeed ‘because way […]

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PRIORITY NO. 1: HORSES OR HORSEPLAYERS?

By Ray Paulick Southern California-based trainer Bob Hess crystallized the often toxic debate over synthetic tracks as well as anyone I’ve talked with on the subject: “My horses are happy on it, and they’re lasting a lot longer,” said Hess, a 44-year-old, second generation horseman and a graduate of Stanford University. “My clients are getting […]

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STRONACH STRIKES A DEAL

Attorneys for Magna Entertainment have struck a deal in U.S.  bankruptcy court with unsecured creditors that will allow Frank Stronach to maintain control of Santa Anita Park, Gulfstream Park and Golden Gate Fields and the account wagering company Xpressbet.com and the Amtote totalizator company, Reuters and Bloomberg have reported. The creditors will receive nearly […]

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