Magna Entertainment Corporation

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Magna Entertainment Corporation is a gaming and horse racing company in North America with several holdings in Europe and Australia.

[edit] History

Magna Entertainment Corporations's (MEC) original parent company, Magna International Inc., is an automotive parts maker and supplier. In the late 1990's Frank Stronach, the president of Magna International Inc. began to try to acquire many race tracks in North America. In 1999, a corporate decision was made to separate the auto parts business from other holdings.

In March, 2000 MEC officially spun off from Magna International by way of a special dividend. Magna Entertainment is traded at the Toronto Stock Exchange and the Nasdaq. It is listed as MECA on the exchange. MEC own or operates eleven Thoroughbred, one Standardbred race track (in the process of being sold) and three mixed tracks (both quarter horse and thoroughbred). MEC is North America's largest thoroughbred racing company, based on revenue and holdings. MEC also owns Xpress Bet, an Internet wagering system. Another holding is HorseRacing TV™, a network supplied to 11 million cable and satellite subscribers which allows them to wager and watch races from home. MEC owns 30% of AmTote International, one of the racing industries major tote companies. It also owns thoroughbred training centers and porduces a product called StreuFex™, a straw based horse bedding material. MEC employs about 5,300 people.

[edit] MEC Racetracks

MEC owns the following tracks:

[edit] Recent performances and the future

Several tracks have recently received permission for slot machines and casinos from voters or legislators. The company has consistently lost money and is unable to make a profit, this has led to discussion that MEC will sell some of its holdings to make money.

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