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Nothing goes better on St. Patrick's Day than nonsensical blather by an Austrian. So, a click on the title of this post will send you to a Blood-Horse interview, abeit brief, in which Frank Stronach says nothing that makes sense when questioned about...
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After a meeting late last month, the Maryland Jockey Club and Maryland Thoroughbred Horsemen’s Association (MTHA) have agreed to reduce the Pimlico Race Course spring meeting from 31 to 20 days in order to maintain a $160,000 purse structure on the overnight...
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Simply put, MEC has far too much debt and interest expense. MEC believes that this Chapter 11 restructuring will bring its level of debt in line with current economic realities and take pressure off its operations, which have historically been burdened...
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Little more than 10 years after a loud arrival in the fraternity of American racetrack operators Frank Stronach entered the on-ramp of the road to racing oblivion on Thursday when Magna Entertainment Corp.together with certain of its wholly-owned subsidiaries...
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Maybe Frank Stronach’s dog ate the instructions for applying for a video-lottery-terminal permit in Maryland – another state that will be in operation before Aqueduct – but it appears that a subsidiary of the foundering Magna Entertainment, which is synonymous...
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Another example of what’s wrong with racing: Where Frank Stronach does business turmoil follows, this time to Florida. His Magna Entertainment may be insolvent and its future doubtful, its stock trading below $1 but this does not preclude the widening...
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While leaders of Magna Entertainment, Churchill Downs, Inc. and the New York Racing Association -- the Big 3 of racing -- have yet to appear before Congress seeking TARP funds, it may be a good idea to fuel the private jets while oil remains cheap. Betting...
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Beginning with AIG, most investment banking firms, the three largest American automobile manufacturers and various other segments of the economically distressed, the government is in the process of the most massive financial bailout in history. The institutional...
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With the recent approval of a referendum on the question of video lottery terminals at Maryland racetracks and the designation of Delaware North as the operator of the casino that will eventually materialize at Aqueduct, a an unbroken chain of “racinos...
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It is not appropriate to ask: How long can Magna Entertainment, the nation’s largest and most ineffective operator of racetracks, survive? Bent beneath a mountain of debt, Magna on Thursday reported a $48.4 million dollar loss in the third financial quarter...
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While Magna Entertainment stock was trading at about 43 cents late Wednesday morning, the failed operator of racetracks throughout the United States has received another one-month extension on a $40-million loan it was unable to service on March 31 and...
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Magna Entertainment did not close its racetracks on Saturday, delaying the inevitable by a day but there may not be many more. Magna, or, if you will, Frank Stronach’s hallucinations come to life, lost another $113.8 million in 2007 and said its ability...
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San Jose, Costa Rica Frank Stronach’s grandiose vision of what racing and what he perceives to be entertainment are perhaps defined most clearly by those with the most critical view of performance. Investors have clearly rendered a decision on bloated...
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With the announcement of the Eclipse Award winners late Monday night, the extension of the New York Racing Association franchise due to expire on Wednesday, the remote possibility of a settlement of negotiations between the hostile partisan factions of...
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With its exclusive agreement with Television Games Network about to expire, the New York Racing Association announced on Friday that it has entered into a content exchange agreement with TrackNet Media Group. The agreement will permit TrackNet-affiliated...
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