MI Developments Inc. todayMI Developments Inc. currently owns or manages racetracks in North America, and one racetrack in Austria, including many thoroughbred tracks and two mixed (thoroughbred and standardbred) tracks. MI Developments Inc. also operates the simulcasting venues at these tracks, as well as OTB (Off-track betting) facilities.
Other ventures include XpressBet, a wagering business that allows customers to wager on over 100 horse racing tracks via internet or telephone, and Horse Racing TV, a premium television network featuring racing both MI Developments Inc. tracks and other participating tracks.[2] In 2007, Magna sold 50% of Horse Racing TV to Churchill Downs Incorporated.
MI Developments Inc. also owns thoroughbred training facilities in conjunction with its racetracks in California, Florida, and Maryland, and owns and operates facilities that manufacture a straw-based bedding product, StreuFex.[2]
MI Developments Inc. has recently moved to add additional gaming attractions, such as slot machines, to several of its tracks. In 2004, voters in Oklahoma approved legislation that allowed MI Developments Inc. to add slot machines at Remington Park racetrack in Oklahoma City. Remington Park opened its casino, featuring 650 Class II gaming machines, in November 2005.[5] Gulfstream Park in Hallandale Beach, Florida, followed suit in November 2006, with 516 slot machines and poker.[6] Magna Racino in Austria also features alternative gaming.
In 2006, MI Developments Inc. completed its purchase of AmTote International, who provide totalizator services to the horse racing industry. On March 23, 2010 an agreement was reached to sell the two Maryland Jockey Club tracks (Pimlico and Laurel Park) from Magna Entertainment Corporation to its parent company MI Developments. MI Developments will receive the tracks from M.E.C. in exchange for paying $25 million in cash for claims to Maryland Jockey Club creditors and $89 million to other creditors through a new reorganization plan. The U.S. Bankruptcy Court in Delaware, has until April 30 to approve Magna's reorganization plan.
[edit] Owned racetracks and assetsMI Developments Inc. owns the following tracks in order of acquisition date:[7]
[edit] Race tracksSanta Anita Park, Arcadia, California. Acquired in December 1998 for $126 million. Gulfstream Park, Hallandale Beach, Florida. Acquired in September 1999 for $95 million. Golden Gate Fields, Albany, California. Acquired in December 1999 for $87 million. Portland Meadows, Portland, Oregon. Acquired in October 2001 for $4.78 million (80% of $5.97 million package). Pimlico Race Course, Baltimore, Maryland. Acquired 51% in November 2002 for $117.5 million (as part of MJC package) and an additional 20% for $18.3 million in September 2007. Laurel Park Racecourse, Laurel, Maryland. Acquired 58% in November 2002 for $117.5 million (as part of MJC package) and an additional 20% for $18.3 million in September 2007. [edit] Other assetsAmTote International, Hunt Valley, Maryland. A leading totalisator service provider with technological advancements in the pari-mutuel wagering industry. Magna acquired 30% for $3.82 million in August 2003 and acquired the balance of 70% in July 2006 for $14 million. Bowie Race Track, Bowie, Maryland, ceased racing operations in July 1985 prior to Magna's acquisition, the track now serves as a training center for Thoroughbred racehorses. Maryland Turf Caterers, Inc., Baltimore, Maryland. Acquired the caterers for $12.1 million in September 2005. MTC conducts on or off-premise catering services and also operate the Food & Beverage operations at Pimlico and Laurel.[8] Palm Meadows Thoroughbred Training Center, Boynton Beach, Florida, built at a cost of $90 million on 304 acres (1.23 km2). The center opened in November 2002 as the largest training center in the United States. Xpressbet, Washington, Pennsylvania, was launched by Magna in March 2002 is a legal, licensed, U.S.-based account wagering provider that offers pari-mutuel wagering on thoroughbred, harness and quarter horse racing events either online or by telephone. Horse Racing TV or (HRTV), Arcadia, California, is a 24- hour digital cable channel that is dedicated to the world of horses providing up 15 hours per day of live racing. Magna sold a 50% share of HRTV to Churchill Downs, Inc in March 2007 for $13 million. TrackNet Media, Louisville, Kentucky, is a media company owned by Churchill and Magna that acts as a horse racing content provider and it negotiates Advance Deposit Wagering contracts and simulcast agreements with racetracks, including those owned by Churchill or Magna. STREUfex, Finley, New South Wales, Australia. A company that manufactures Horse Bedding, the latest innovation in horse bedding made from pelletised straw. A market leading product in the US. 800 acres (3.2 km2) of land, in Porter, New York. Magna is attempting to sell the land where they had proposed to build a track. The asking price is believed to be $960,000. Dixson Downs, Dixon, California. Acquired in December 2000 Magna bought 260 acres (1.1 km2) of land approximately 20 minutes west of Sacramento off I-80. The Village at Gulfstream Park, Hallendale Beach, Florida. Magna owns 50% interest (in conjunction with Forest City Enterprises) of the first phase of the development, scheduled for completion in February 2010, there will be more than 70 specialty shops, restaurants and outdoor cafes. Office space will also be available above a portion of the retail buildings.
