Magna Entertainment Corp

Magna Entertainment Corp., a money-losing operator of horse-racing tracks including Santa Anita Park, said Chief Executive Michael Neuman had left after just four months and would be replaced temporarily by Chairman Frank Stronach. Magna Entertainment is controlled by Stronach's Magna International Inc., Canada's largest auto-parts maker. Magna Entertainment reported a net loss of $87.4 million last year and hasn't turned a profit since 2001.

Regarding Bill Dwyre's April 21 column about horse racing: Rookie Kentucky Derby rider Joe Talamo and his mount (I Want Revenge) will get knocked around from pillar to post. Too much trouble to win. Jeff Mullins' fine in New York is a slap on the wrist. Horse racing in Southern California has been around for 75-plus years, and has endured tougher times than these, World War II for one. Oh, things will change, but like the old adage, the more things change the more they stay the same.

Jim McAlpine, once credited by Frank Stronach as the executive who revived his then-struggling auto-parts company, has been replaced as chief executive of Magna Entertainment Corp., the Canadian-based company that owns Santa Anita and 12 other North American racetracks. Magna announced Tuesday that Thomas Hodgson, a former executive with several companies in Canada and the United Kingdom, has taken over, with McAlpine moving on to a post as Magna's vice chairman for corporate development.

There are a million stories in the naked city, and almost that many today at Santa Anita, on Big 'Cap Day. The legendary Santa Anita Handicap, the 72nd, is the highlight. The hope is that with Magna Entertainment Corp., the owner of a still-profitable Santa Anita, now in Chapter 11 bankruptcy reorganization, there will be a 73rd. Life without Santa Anita in Southern California would be like life without newspapers. But that's another story for another day.

Gemstar-TV Guide International Inc.'s TVG horse racing network sued track owner Magna Entertainment Corp. and two subsidiaries over patents for interactive betting. Also sued were HRTV, which also runs a horse racing TV network, and the XpressBet Inc. wagering business. The suit, filed in federal court in L.A., claims that the companies infringe on two patents related to systems that let users bet on races by remote control through their TVs.

Regarding Bill Dwyre's April 21 column about horse racing: Rookie Kentucky Derby rider Joe Talamo and his mount (I Want Revenge) will get knocked around from pillar to post. Too much trouble to win. Jeff Mullins' fine in New York is a slap on the wrist. Horse racing in Southern California has been around for 75-plus years, and has endured tougher times than these, World War II for one. Oh, things will change, but like the old adage, the more things change the more they stay the same.

Magna Entertainment Corp., owner of Santa Anita, Gulfstream Park and several other tracks, is selling the Meadows, a harness-track in the Pittsburgh suburbs, for $225 million. The sale of the Meadows was announced as Magna's third-quarter report showed that the Canadian-based company had lost $34.5 million, compared to a deficit of $50.3 million for the same three months a year ago. Magna's losses since 2002 have been almost $280 million.

Magna Entertainment Corp., the troubled owner of Santa Anita Park in Arcadia and six other major thoroughbred horse racing venues, filed for bankruptcy protection Thursday after defaulting on conditions of a bank loan. The move puts pressure on the Canadian company to sell its storied racetracks, which also include Pimlico Race Course in Baltimore, home of the Preakness Stakes. Magna's financial problems are long-standing.

The Canadian owner of Santa Anita Park may put the famous horse-racing venue in Arcadia up for sale as it struggles to be profitable in the troubled racing industry. Magna Entertainment Corp., which has owned Santa Anita for almost a decade, announced Thursday that it planned to sell several assets and perhaps issue new stock in the hope of eliminating as much as $700 million worth of debt. The Aurora, Ontario-based company said it would sell real estate in Maryland, Florida, Ohio and Oregon.

Churchill Downs and Magna Entertainment Corp., the two biggest North American racetrack owners, Monday announced an agreement to partner in television, simulcasting and advance deposit wagering in a joint venture called TrackNet Media. As part of the deal, Churchill Downs has bought a 50% interest in HorseRacing Television, which means that races from Churchill-owned tracks will be available on HRTV, which has not previously been the case.

Magna Entertainment Corp., the troubled owner of Santa Anita Park in Arcadia and six other major thoroughbred horse racing venues, filed for bankruptcy protection Thursday after defaulting on conditions of a bank loan. The move puts pressure on the Canadian company to sell its storied racetracks, which also include Pimlico Race Course in Baltimore, home of the Preakness Stakes. Magna's financial problems are long-standing.

The Canadian owner of Santa Anita Park may put the famous horse-racing venue in Arcadia up for sale as it struggles to be profitable in the troubled racing industry. Magna Entertainment Corp., which has owned Santa Anita for almost a decade, announced Thursday that it planned to sell several assets and perhaps issue new stock in the hope of eliminating as much as $700 million worth of debt. The Aurora, Ontario-based company said it would sell real estate in Maryland, Florida, Ohio and Oregon.

Magna Entertainment Corp., a money-losing operator of horse-racing tracks including Santa Anita Park, said Chief Executive Michael Neuman had left after just four months and would be replaced temporarily by Chairman Frank Stronach. Magna Entertainment is controlled by Stronach's Magna International Inc., Canada's largest auto-parts maker. Magna Entertainment reported a net loss of $87.4 million last year and hasn't turned a profit since 2001.

Gemstar-TV Guide International Inc.'s TVG horse racing network sued track owner Magna Entertainment Corp. and two subsidiaries over patents for interactive betting. Also sued were HRTV, which also runs a horse racing TV network, and the XpressBet Inc. wagering business. The suit, filed in federal court in L.A., claims that the companies infringe on two patents related to systems that let users bet on races by remote control through their TVs.

Churchill Downs and Magna Entertainment Corp., the two biggest North American racetrack owners, Monday announced an agreement to partner in television, simulcasting and advance deposit wagering in a joint venture called TrackNet Media. As part of the deal, Churchill Downs has bought a 50% interest in HorseRacing Television, which means that races from Churchill-owned tracks will be available on HRTV, which has not previously been the case.

Magna Entertainment Corp., owner of Santa Anita, Gulfstream Park and several other tracks, is selling the Meadows, a harness-track in the Pittsburgh suburbs, for $225 million. The sale of the Meadows was announced as Magna's third-quarter report showed that the Canadian-based company had lost $34.5 million, compared to a deficit of $50.3 million for the same three months a year ago. Magna's losses since 2002 have been almost $280 million.

Magna International Inc.'s Arcadia-based entertainment unit, split from the Canadian auto-parts firm earlier this year after some investors criticized Chairman Frank Stronach's interest in horse racing, said Wednesday it agreed to buy the operator of the Bay Meadows racetrack in San Mateo, Calif. Magna Entertainment Corp., which already has six racetracks, including Santa Anita Park in Arcadia, said it will pay $24.1 million for Bay Meadows Operating Co.

Because it is facing a major face lift, Santa Anita racetrack in Arcadia will be named today by the National Trust for Historic Preservation as one of the country's most endangered historic places. The trust will place the 66-year-old Santa Anita Park on its annually issued endangered list, along with 10 other sites such as Valley Forge National Historic Park in Pennsylvania and Abraham Lincoln's retreat in Washington, D.C.

Frank Stronach can be excused if he's going through non-buyer's remorse. Stronach, the head of Magna Entertainment Corp., the racetrack conglomerate that includes Santa Anita and Golden Gate Fields, could have bought Hollywood Park several years ago for $110 million. After that, instead of paying $24 million for a four-year lease to run races at Bay Meadows, Stronach could have bought the San Mateo track for $50 million. Woulda, coulda, shoulda -- the racetracker's lament.

There are about 100 thoroughbred racetracks in the U.S., but the linchpins of a long-troubled sport are three companies that own 20 of them. Those companies -- Churchill Downs Inc. in Louisville, Ky., Magna Entertainment Inc. in suburban Toronto, and the New York Racing Assn. -- might have a corner on the industry, but they also bear the burden of racing's mountain of problems. * Churchill is feuding with the Jockeys' Guild, whose members ride most of the races.