Magna Entertainment Corp., the largest racetrack operator in North America, lost $25.5 million in the second quarter of 2004, principally as a result of a $26.7 million non-cash charge to reflect the lower value of several of its properties.
The loss reversed the results from the second quarter of last year, when Magna had net income of $800,000. For the first six months of 2004, Magna has had net income of $4.4 million, compared with net income of $13.5 million in the first six months of 2003.
Tom Ridge, the horse named for the director of Homeland Security, is the 5-2 morning-line favorite among the 10 trotters entered for Saturday's $1 million Hambletonian final at The Meadowlands Racetrack.
Tom Ridge posted a victory in 1:52.60 in his elimination heat last weekend, the fastest ever in a Hambletonian elimination. He will be driven by Ron Pierce, who has already wrapped up his first Meadowlands title.
The King George VI and Queen Elizabeth Diamond Stakes, the centerpiece of Ascot's three-day July meeting, will be run next year at Newbury while a new grandstand is being built at Ascot. Next year's Royal Meeting at Ascot has already been rescheduled for York on June 14-18, but a venue has yet to be selected for Ascot's two-day September Festival. . . . WinTicket.com, the online wagering company, is holding a $50,000 Triple Trifecta promotion around the Haskell Invitational at Monmouth Park on Sunday.
The Breeders' Cup has elected eight new members to its board and re-elected five other members, the organization announced Wednes-day. Elected to three-year terms on the board were Antony Beck of Gainesway Farm, Bill Casner of WinStar Farm, Doug Cauthen of Fayette Farm, Terry Finley of West Point Thorough-breds, Michael Goodbody of Gainesborough Stud Management in England, L. William Heiligbrodt of Heiligbrodt Racing Stable, and J. Michael O'Farrell of Ocala Stud Farm. Re-elected were E. K. Gaylord of Lazy E Ranch, R.D.
SARATOGA SPRINGS, N.Y. - Racing officials are becoming increasingly concerned that rebate shops are accepting layoff bets from unlicensed offshore bookmakers, an official with the Thoroughbred Racing Associations said Tuesday at a racing law conference in Saratoga Springs.
Louis Meittinis, a successful harness trainer who made the transition to Thoroughbreds, died Monday night in his Westbury, N.Y., home, apparently of a heart attack. He was 61.
Meittinis had a long and successful career in harness racing, training champions Icarus Lobell, Turn the Tide and Hot Hitter. Meittinis syndicated Hot Hitter for $5 million and had H Hitter on his license plates.
Youbet.com, the online horse racing service, had net income of $40,000 in the second quarter of 2004, compared with a net loss of $1 million in the second quarter last year, the company said Tuesday. Revenue for the quarter was $16.4 million, compared with $13.8 million last year, and operating expenses were $16.3 million, compared with $14.7 million last year. . . . . Ramon Dominguez is expected to resume riding Saturday at Delaware Park.
Turn out the lights, the Smarty party's over.
Smarty Jones, whose meteoric rise this spring in the 3-year-old division, subsequent Kentucky Derby victory, and bid for the Triple Crown made him the most popular horse in the sport, was retired on Monday, after a racing career that encompassed just seven months and nine races.
The final two races on Sunday's program at Calder were canceled after the jockeys informed management they would not ride because of severe electrical storms in the area. Racing resumed on Monday. . . . Canterbury Park canceled its Sunday card after the jockeys refused to ride, citing unsafe track conditions caused by heavy rain. The Timeless Prince Stakes, scheduled for Sunday, has been rescheduled for Saturday. . . .
* Halo Cat ($5.80) rallied along the rail to capture the $42,930 Ernest Finley Handicap at the Sonoma County Fair in Santa Rosa, Calif. Halo Cat, beat defending champion My Captain by 1 3/4 lengths, covering six furlongs in 1:07.93.
* Alpha Capo ($8.60) captured the $50,000 Bossier City Handicap at Louisiana Downs. Social King came up a head short in second, followed by the favorite, No Place Like It.
