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) 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>>
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) Wednesday October 10, 2007 - 00:14 EST
Last month a blockbuster business deal was announced that has the potential to impact betting on horse races as much as a world-wide area of linked machines would impact betting on slots: Live simulcasting and legalization of co-mingled betting on races from the renowned 123-year-old Hong Kong Jockey Club.Thoroughbred horse racing is the number one spectator sport in the Hong Kong region. Betting handle on a typical day's races exceeds $100 million. When bets from American horse players are co-mingled in pools of that magnitude, which are unheard of at U.S. tracks except for the Kentucky Derby and Breeders' Cup, it sets the stage for monster payoffs and value for serious handicappers.
The Chinese government had previously been very protective of the sport and banned foreign betting on its races, which are conducted twice a week at two tracks in Hong Kong from early September to early July. More>>
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) Despite setbacks, thoroughbred racing may return to Mich. in '08
GRAND RAPIDS, Mich. -- It's no sure bet that thoroughbred horse racing will return to Michigan next year, although the odds greatly improved within the past few weeks.
Pari-mutuel horse racing featuring thoroughbreds has been held every year in Michigan since 1933, according to the state's Office of Racing Commissioner. The 75-year streak appeared likely to end next year when the operator of the state's lone thoroughbred track announced in January that the 2007 meet would be its last.
As with other states where there are alternative forms of legalized gambling such as casinos and lottery games, the popularity of horse racing in Michigan has been on the decline for years.
However, the sport got a boost when the state received applications from two experienced horse racing enthusiasts who want to conduct thoroughbred meets in 2008. More>> - (
) Despite setbacks, horse racing may return in 2008
GRAND RAPIDS - It's no sure bet that thoroughbred horse racing will return to Michigan next year, although the odds greatly improved within the past few weeks.Pari-mutuel horse racing featuring thoroughbreds has been held every year in Michigan since 1933, according to the state's Office of Racing Commissioner. The 75-year streak appeared likely to end next year when the operator of the state's lone thoroughbred track announced in January that the 2007 meet would be its last.
As with other states where there are alternative forms of legalized gambling such as casinos and lottery games, the popularity of horse racing in Michigan has been on the decline for years.
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) Treasure Isle
Nobody is calling this "Dreary Erie" anymore.The new Presque Isle Downs and Casino is a test model for reviving thoroughbred horse racing, which has seen declining attendance for decades.
Presque Isle boasts 2,000 slot machines plus thoroughbred racing on a revolutionary synthetic surface. The track opened Sept. 1 for a 25-date season, offering big league purses averaging more than $450,000 each day.
The casino, which opened Feb. 28, has reaped so much money from slot machines that the track is increasing purses by 175 percent for the short September season. Next year there will be a 100-day racing season, May through September.
Most thoroughbred owners lose money, so the news that nearly $13 million will be distributed in September was met with a giddyup to Western Pennsylvania by some of the top trainers and jockeys. More>>
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) Queensland Announces Return Of Racing
Queensland Racing Limited (QRL) chief operations manager Malcolm Tuttle finally has something to smile about.A "relieved" Tuttle on Friday announced thoroughbred racing with TAB coverage was set to resume in south-east Queensland from December 1 - two months earlier than expected.
Brisbane's Eagle Farm and Doomben tracks as well as the Gold Coast and Sunshine Coast were on Friday tipped as likely venues for the long awaited resumption, after the outbreak of equine influenza (EI).
"Things are looking brighter. We start to sense things are starting to get back to normal," a beaming Tuttle said.
"We won't see wall to wall racing from December 1. We will see a staggered approach because we simply don't have a fit horse population ready to go from December 1."
Racing was initially not expected to resume in the region until as late as February 1. More>>