While Churchill Downs Inc. has "taken every opportunity
to communicate a master plan" for its six racetracks over
the past two years, Magna Entertainment officials have
"never thoroughly explained" the company's "long-term
strategy," resulting in the "perception" throughout the
horse racing industry that Magna is "trailing its chief
rival in short-term planning and in devising a consistent
marketing strategy," according to Matt Hegarty of the DAILY
RACING FORM. But Hegarty wrote that Magna is "just getting
its feet wet" and that company execs are "confident that the
perception surrounding the company will change in the coming
months." Magna officials say that the company has a
"strategy for its racing assets," but "details are still
being worked out." Officials add that home and off track
betting will "play increasingly critical roles" in the
company's operations and revenues and that the company will
"pursue substantial renovation projects at several tracks to
fulfill" Chair Frank Stronach's "vision of converting major
racing facilities into entertainment and retail
destinations." Additionally, Magna is "still looking for
other properties," as CEO Jerry Campbell said that the
company has "at least" $100M left from the "seed capital
provided by" its parent company, Magna Int'l, and will sell
land worth over $150M this year (DAILY RACING FORM, 7/13).
