[MECA] MAGNA ENT CP CL A › 7.42 +0.39 ( +5.55%) .. n52wh
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Magna Entertainment Corp. (MEC) and its subsidiaries engage in the ownership and operation of horse racetracks in North America. It also supplies live racing content to the inter-track, off-track, and account wagering markets. As of March 31, 2005, the company operated or managed 11 thoroughbred racetracks, 2 standard bred racetracks, 2 racetracks that run both thoroughbred and standard bred meets, and 1 greyhound racetrack, as well as the simulcast wagering venues at these tracks. MEC operates off-track betting facilities that include an account wagering business known as XpressBet, which permits customers to place wagers by telephone and over the Internet on horse races at North American racetracks and on races in Australia, South Africa, and Dubai, as well as a European-based account wagering business known as MagnaBet. It owns and operates HorseRacing TV, a television network focused on horse racing that launched on the Racetrack Television Network, as well as owns a 30% equity interest in AmTote International, Inc., which provides totalisator services to the pari-mutuel industry. The company also has thoroughbred training centers situated near San Diego, California; in Palm Beach County, Florida; and in the Baltimore, Maryland area, as well as owns production facilities in Austria and in North Carolina for StreuFex, a straw-based horse bedding product. In addition to racetracks, MEC owns real estate portfolio, which includes two golf courses and related recreational facilities, as well as three residential developments in Austria, the United States, and Canada. |
