Magna Entertainment Corp. (“MEC”) is North America's number one owner and operator of horse racetracks, based on revenues, and one of the world's leading suppliers, via simulcasting, of live racing content to the growing inter-track, off-track and account wagering markets. MEC currently operates or manages eleven thoroughbred racetracks, one standardbred (harness racing) racetrack, two racetracks which run both thoroughbred and standardbred meets, as well as the simulcast wagering venues at these tracks.
MEC’s network of North American thoroughbred racetracks includes Santa Anita Park, Gulfstream Park, Pimlico Race Course, Laurel Park, Lone Star Park at Grand Prairie, Golden Gate Fields, Thistledown, Remington Park, Portland Meadows and Great Lakes Downs. In addition to these thoroughbred racetracks, MEC manages one standardbred track, The Meadows. In addition, MEC has recently opened Magna Racino™ in Austria, a racetrack which runs both thoroughbred and standardbred meets.
In addition, MEC operates off-track betting ("OTB") facilities and a national account wagering business known as XpressBet™, which permits customers to place wagers by telephone and over the Internet on horse races at over 100 North American racetracks and internationally on races in Australia, South Africa and Dubai.
MEC also owns and operates HorseRacing TV™, a television network focused on horse racing. HorseRacing TV™ is currently available to more than 11 million cable and satellite TV subscribers. The Racetrack Television Network, in which MEC has a one-third interest, was formed to telecast races from MEC racetracks and other racetracks, via private direct-to-home satellite, to paying subscribers.
MEC has a 30% equity interest in AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry.
In conjunction with MEC's racetrack operations, the Company owns and operates thoroughbred training centers situated near San Diego, California, in Palm Beach County, Florida and in the Baltimore, Maryland area. MEC also owns and operates production facilities in Austria and North Carolina for StreuFex™, a straw-based horse bedding product.
At March 15, 2005, MEC employed approximately 5,300 employees. Due to the seasonal nature of the live horse racing industry, the size of the Company’s seasonal and part-time workforce varies considerably throughout the year.