Magna Entertainment Corporation
| Magna Entertainment Corporation | |
|---|---|
| legal form | Incorporated |
| founding | 1999 |
| resolution | 2009 |
| Reason for dissolution | insolvency |
| Seat | Aurora (Ontario) , Canada |
| management |
|
| Branch | Horse racing, horse racing |
The Magna Entertainment Corporation ( MEC ) was a provider of horse racing based in the Canadian Aurora (Ontario) . The company operated horse racing tracks in North America and Austria as well as international betting portals and a television station. It was the market leader in horse betting in terms of sales. In 2009 the company filed for bankruptcy in the US and ceased operations in 2018.
history
On the initiative of Frank Stronach , Magna Entertainment Corporation (MEC) was founded in 1999. On August 31, 2006, MEC took over Amtote International, the leading operator of totalizer services in North America.
On March 5, 2009, the company filed for Chapter 11 bankruptcy in the United States.
After public criticism, the company stopped racing in Ebreichsdorf in 2014 .
In 2018 Frank Stronach withdrew completely from Austria economically.
Companies
Magna Entertainment Corp. operated several online horse betting platforms in England, Germany and Austria and owned 12 racetracks in North America and Austria under the brand name Magna Racino . The company also operates HorseRacing TV , a television channel that reports on horse races 24 hours a day. MEC is listed on both the Nasdaq National Market and the Toronto Stock Exchange .
MEC racetracks:
- Magna Racino, Ebreichsdorf , Austria
- Golden Gate Fields, Albany, California
- Great Lakes Downs, Muskegon
- Laurel Park, Laurel, Maryland
- Gulfstream Park, Hallandale Beach
- Lone Star Park, Grand Prairie, Texas
- Pimlico, Baltimore
- Portland Meadows, Portland, Oregon
- Remington Park, Oklahoma City
- Santa Anita Park , Arcadia, California
- The Meadows, Meadow Lands - sold in late 2006
- Thistledown, North Randall
- Rosecroft Raceway, Fort Washington, Maryland. Trotting track.
criticism
Criticism came from water and nature conservationists against projects by Magna Entertainment in Ebreichsdorf . In June 1996 Frank Stronach bought 250 hectares of grassland in Ebreichsdorfer Niedermoor. The plan was to build the Magna Globe Resort Park and open it at the end of 1999. The ball park was not realized.
However, the Lower Austrian provincial government approved the dedication of 37 hectares of building land and traffic areas for the Magna Racino equestrian park. The three racetracks were built, according to the district authority of Baden with "contaminated material". At that time, the neighbors were deprived of their position as a party in water law proceedings by the Baden district administration and the Lower Austrian governor. The highest court found in the 3rd instance that this was illegal and overturned the governor's decision.
In 2000, due to the Magna Park in Ebreichsdorf, there was an infringement procedure against the Republic of Austria for violating EU nature conservation law. Two years before the start of construction (1998), the state of Lower Austria was warned by the EU Commission against the destruction of the moorland.
In the course of the planned Rothneusiedl construction project , the ÖVP Vienna suspected political influence. Magna's project with the stadium and shopping center is being pushed through and courtesy reports are being drawn up, giving Magna a suspiciously favorable right of first refusal. After years of discussion, the project was never realized and the stadium has been off the table at Wiener Austria since Stronach left . It is unclear whether there will be a shopping center, but Magna no longer has any specific plans.
Individual evidence
- ↑ Stronach sells $ 850 million worth of stock ahead of takeover of MI Developments racing assets | Daily racing form. Accessed February 28, 2018 .
- ↑ derStandard.at - Stronach turns the tap off Magna Racino . Article of November 30, 2014, accessed on January 1, 2015.
- ↑ MCE press release ( Memento of December 29, 2009 in the Internet Archive ) (PDF file; 34 kB)
- ↑ Magna Racino stops racing. In: noe.orf.at. December 31, 2014, accessed January 1, 2015 .
- ↑ Frank Stronach withdraws completely from Austria economically . In: trend.at . February 1, 2018 ( trend.at [accessed on February 28, 2018]).
- ^ A b c union catalog - Emil Benesch: The Magna Park project in Ebreichsdorf - an example of political planning in Lower Austria: from the Magna Globe Resort Park to the Magna Equestrian Park . Diploma thesis, University of Natural Resources and Life Sciences, Vienna, 2003.
- ↑ Martin Stuhlpfarrer: Austria Stadium is on track. http://www.diepresse.at/ , February 9, 2007.
- ↑ Wiener Zeitung : Fixed off for the stadium in Rothneusiedl - U6 planning denied ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , January 18, 2010 (accessed November 14, 2013)
