Stronach Group
Line
- Frank Stronach, Chairman
Magna Entertainment Corporation ( MEC) is a Canadian company based in Aurora, Ontario.
The company is based on the conversion 's largest owner and operator of horse racing tracks and a leader in horse betting. The bet on U.S. racetracks is 15 billion dollars per year. One-third of the North American volume of horse betting is already handled by MEC. The construction of a fast-growing network of betting shops in North America is continuously promoted. On 5 March 2009, the company filed for bankruptcy under Chapter 11 of the Bankruptcy Code of the United States.
Business
The Magna Entertainment Corp.. operates several online horse betting platforms ( XpressBet in the U.S.), RacingUS in England and MagnaBet in Germany and Austria.
On the initiative of Frank Stronach was founded in 1999, Magna Entertainment Corporation ( MEC). MEC owns 12 racetracks in North America and in Austria Magna Racino. In addition, Magna Entertainment Corporation operates the Horse Racing TV, a television channel that broadcasts 24 -hour horse racing. MEC listed on both the Nasdaq National Market and the Toronto Stock Exchange.
Racetracks of the MEC:
- Magna Racino, Ebreichsdorf, Austria
- Golden Gate Fields, Albany, CA
- Great Lakes Downs, Muskegon, Michigan
- Laurel Park, Laurel, Maryland
- Gulfstream Park, Hallandale Beach, Florida
- Lone Star Park, Grand Prairie, Texas
- Pimlico, Baltimore, Maryland
- Portland Meadows, Portland, Oregon
- Remington Park, Oklahoma City, Oklahoma
- Santa Anita Park, Arcadia, CA
- The Meadows, Meadow Lands, Pennsylvania - sold in late 2006
- Thistledown, North Randall, Ohio
MEC has also purchased the remaining 70 % of AmTote International on 31 August 2006, this is the leading operator for Totalisatorservices in North America.
Corporate criticism
Austria: Ebreichsdorf
Criticism rained down from water and nature protection projects by Magna Entertainment in Ebreichsdorf. In June 1996, Frank Stronach buys 250 ha grassland in Ebreichsdorfer fen. The plan is to build the Magna Globe Resort Park and to open the end of 1999. The ball park was not realized.
However, the Lower Austrian government approved the dedication of 37 ha of land and road surfaces for equestrian sports Park Magna Racino. The three racetracks were built, according to District Commission Baden with " contaminated material ". The residents were then withdrawn from the District Commission Baden and the Lower Austrian governor, the party position in water law procedures. The High Court found in 3 Instance held that it was unlawful and annulled the decision of the Regional Governor.
2000 was due to the Magna Park in Ebreichsdorf infringement proceedings against the Republic of Austria for breach of EU nature conservation law at. Only 2 years before construction began (1998 ) the country northeast was warned by the European Commission before the destruction of peatlands.
Contrary to the end of the 2007 season disseminated by the press reports that the Magna Racino would close in Ebreichsdorf as horse racing due to lack of commercial success, the 2008 racing season ran smoothly across the stage and is the 2009 racing season secured.
Austria: Rothneusiedl
Through the proposed construction project Rothneusiedl the ÖVP Vienna suspected political interference. Magna project with stadium and shopping center 'll rushed through and creates complacency opinions, which Magna plays a suspiciously favorable preemption. The project never came to fruition after years of discussion and the stadium is at the Vienna Austria since the withdrawal Stronach's off the table. Whether there will be a shopping center, is unclear, but Magna has no concrete plans for more.