Churchill Downs Inc. and Magna Entertainment Corp., the country's largest racetrack companies, have joined forces to bid on the franchise held by the New York Racing Association, the two companies announced Friday.
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Magna Entertainment Corp., the racetrack owner and operator, lost $26.3 million in the second quarter of 2006, a slight improvement over the company's $26.9 million loss in the second quarter of 2005, according to financial statements released by the company late Wednesday.
The 2006 results were dragged down by significantly higher interest payments on the company's ballooning debt. In the quarter, interest payments were $16.1 million, compared with $7.7 million in the second quarter of 2005. A sizeable portion of Magna's debt is held by its parent company, MI Developments.
Youbet.com, the online horse race broadcasting and wagering company, had net income of $2.2 million in the second quarter of 2006, an increase of 69 percent compared with net income of $1.3 million in the second quarter last year, according to financial statements released by the company Thursday.
Magna Entertainment Corp., the racetrack owner and operator, lost $26.3 million in the second quarter of 2006, a slight improvement over the company's $26.9 million loss in the third quarter of 2005, according to financial statements released by the company late Wednesday.
The 2006 results were dragged down by significantly higher interest payments on the company's ballooning debt. In the quarter, interest payments were $16.1 million, compared to $7.7 million in the third quarter of 2005. A sizeable portion of Magna's debt is held by its parent company, MI Developments.
F. Eugene Dixon, the owner of Erdenheim Farm outside of Philadelphia and the two-time chairman of the Pennsylvania State Horse Racing Commission, died Thursday morning of cancer at a hospital in Pennsylvania, according to the Jockey Club. He was 82.
Dixon, the grandson of George and Eleanor Widener, was a longtime horse owner and breeder. His most recent stakes win came with Smart Enough in the Beau Genius Stakes at Churchill Downs in June.
SARATOGA SPRINGS, N.Y. - A simmering dispute between executives of the New York Racing Association and the former racing official Tim Smith spilled into the open Tuesday at a racing conference panel discussion, when NYRA's chief executive confronted Smith over his role with Empire Racing Associates, one of the groups bidding to take over NYRA's franchise.
While standing in the audience, Charles Hayward, NYRA's chief executive, asked Smith, a speaker in the panel discussion, to explain his role with Empire. As part of his answer, Smith confirmed that he had invested in Empire.
Jerry Bailey, the retired Hall of Fame jockey, has been hired by Excelsior Racing Associates, one of 16 groups expected to submit a bid for the New York Racing Association's franchise, as a "key adviser," a spokesman for the group said on Monday.
Bailey "is an authority and expert on New York racing, and Excelsior will look to him for advice and comment," said Howard Wolfson, the spokesman for the group. Wolfson said that he could not provide details about Bailey's compensation, or whether Bailey received an equity stake in Excelsior.
The Jockeys' Guild has come to terms with the coin-dealer and sports-agent Dwight Manley on an employment contract as the guild's national manager, the counsel to the guild said on Friday.
Tom Kennedy, the guild's New York-based counsel, said that Manley was hired after a board vote late on Friday afternoon. The national manager position at the guild has been vacant since the guild's board fired the organization's former chief executive officer, L. Wayne Gertmenian, last November.