mi developments

MI Developments: We have exited the horse racing business – period.

Bill Lenehan, the new head of MI Developments, said there won’t be any more risky secondary ventures for the Aurora-based real estate company, and certainly never an initiative again involving horse racing, according to Thestar.com. Lenehan was appointed chief executive officer following an overhaul of MI’s management and board this week after the sale of […]

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Stronach takes over MI Development’s racing, gaming assets

Press Release The Stronach Group today announced that it has acquired the racing and gaming assets formerly held by MI Developments Inc. (MID) (NYSE: MIM) as part of a previously announced reorganization proposal approved by MID shareholders on March 29, 2011. The racing and gaming assets acquired by The Stronach Group include: Santa Anita Park; […]

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Avioli: We’ll be more entrepreneurial

Former Breeders’ Cup President and CEO Greg Avioli spoke with the Daily Racing Form’s Matt Hegarty about his transition from the World Championship event to head of Frank Stronach’s newly formed racing conglomeration. Among many things, Avioli points out the advantage of no longer being a part of MI Developments. “We’ll be a lot more […]

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Three Chimneys presents Good News Friday: Three Years of Ray Paulick

A few weeks and three years ago, I chose to take a leap of faith and agreed to partner with a guy I didn’t know working in an industry that had about a half of one percent of my annual attention. The journey officially began three years ago yesterday. And it has been one of […]

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Penn National set to divest from Maryland Jockey Club

Penn National Gaming said Tuesday it is nearing an agreement with the Maryland Jockey Club to divest its stake in the Jockey Club, which operates Pimlico Race Course and Laurel Park.  Penn National is in final negotiations with MI Developments, the Jockey Club’s majority owner. Penn National bought its stake last year, hoping to secure […]

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Shareholders OK transfer of assets to Stronach

Shareholders in the real estate company MI Developments overwhelmingly approved a proposal to transfer the company’s racing and gaming assets (including Gulfstream Park, Laurel Park, Pimlico, Golden Gate Fields, and Santa Anita Park) to Frank Stronach, along with $20 million in operating capital, in exchange for the elimination of the class of stock the Stronach […]

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Oak Tree to be paid $500,000 for stakes races

Santa Anita parent company MI Developments has agreed to pay Oak Tree Racing Association for the rights to run Oak Tree’s stakes races. The agreement will also allow the non-profit to retain office space at Santa Anita and receive bookkeeping services through 2012. “It keeps us in the public eye,” said Sherwood Chillingworth, executive vice […]

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MI racing operations lose $76 million

MI Developments reported a $52 million loss for 2010, dragged down a $76.7 million loss in its racing operations, including Santa Anita Park and Gulfstream Park. According to financial statements, the company’s real estate business had a net profit of $24.7 million for year.  Shareholders are expected to vote later this month on a spin-off […]

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Terms for Santa Anita/Oak Tree partnership revealed

Coming out of last month’s California Horse Racing Board meeting, Santa Anita was awarded the fall dates that have been traditionally run by the Oak Tree Racing Association. As part of those terms, Oak Tree will receive a $500,000 payment from the racetrack in order to be able to continue its charitable contributions to other […]

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Monmouth: Let the bidding begin

Guess who’s coming to brunch? That’s the parlor game du jour at Monmouth Park in Oceanport, N.J., Thursday morning at 11 a.m., when state officials host any number of parties interested in leasing Monmouth Park for a live racing meeting. New Jersey Sports and Exposition Authority executives Dennis Robinson and Robert Kulina  are expected to […]

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