- (
) Magna Entertainment Corp. Announces Withdrawal from Empire Racing Associates, LLC
AURORA, ON, Oct. 10 /PRNewswire-FirstCall/ - Magna Entertainment Corp. ("MEC" or "the Company") (NASDAQ: MECA; TSX: MEC.A) today announced that it has given formal notice to Empire Racing Associates, LLC ("Empire Racing") of its withdrawal as a member of Empire Racing.MEC joined the coalition of entities that formed Empire Racing because it believes that thoroughbred horse racing in New York is an integral part of an important industry both in New York and throughout the country. With the other members of Empire Racing, MEC developed what it thought was a highly competitive franchise bid offering the right balance of horse racing renewal, economic development and financial participation by the State. Unfortunately, Empire Racing's bid has been rebuffed at two important stages in the process and the process has progressed in a manner which MEC does not see leading to a successful outcome for Empire Racing. More>>
- (
) Churchill Downs withdraws from New York racing bid
Churchill Downs Inc. said late Wednesday that it has withdrawn from Empire Racing Associates, one of the groups that is vying to operate the Aqueduct, Belmont Park and Saratoga racetracks in New York."Churchill Downs Inc. simply wants what's best for New York horse racing, regardless of whether our company plays a role in the ultimate solution," president and CEO Robert Evans said in a news release. "Remaining part of Empire Racing is not serving that goal, so we've ended our participation in Empire Racing."
Louisville-based Churchill joined Empire's bid in August 2006. The group has been trying to win a 30-year contract to take control of the tracks when the New York Racing Association's contract expires at the end of this year.
Empire's bid took a hit in September, however, when New York Gov. More>>
- (
) Study: VLTs at racetracks won't cure industry's ills
With 15 days remaining until the Breeders' Cup is to be run at Monmouth Park, a study commissioned by the governor has concluded that the state's horse racing industry could not be sustained simply by installing video lottery terminals at the Meadowlands.News of the study, which may be released today, was originally aired by Channel 4 News in New York late Tuesday night. The study was based on having 2,000 VLTs at the Meadowlands, according to sources with knowledge of the document.
The racing industry has insisted in the past that the Meadowlands could easily accommodate 5,500 VLTs, roughly the same number of machines as at Yonkers Raceway, on the other side of the George Washington Bridge.
According to sources who attended the regular monthly meeting of the New Jersey Racing Commission held at the Meadowlands Wednesday, the feasibility study will recommend that the casinos extend their racing supplement beyond 2007, spreading $80 million over the next three years. More>>