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 seven thoroughbred racetracks (Santa Anita Park, Gulfstream Park, Pimlico Race Course, Laurel Park, Golden Gate Fields, Thistledown, and Portland Meadows), one racetrack which runs both thoroughbred and quarter horse meets (Lone Star Park at Grand Prairie), as well as the simulcast wagering venue at this track. One of our racetracks, Gulfstream Park, includes casino operations.
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 a European-based account wagering business known as Magnabet™.
Churchill Downs Inc. ("CDI") and MEC recently formed a joint venture called TrackNet Media Group LLC through which the full breadth of the companies' respective horse racing content will be available to each company's various distribution platforms and to third parties.
CDI has purchased a 50-percent interest in MEC's horse racing TV channel, HorseRacingTV™, a television network focused on horse racing. HorseRacingTV™ is currently available to more than 13 million cable and satellite TV subscribers. The Racetrack Television Network, in which MEC has a minority interest, was formed to telecast races from MEC racetracks and other racetracks, via private direct-to-home satellite, to paying subscribers.
AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry is a wholly owned subsidiary of MEC.
In conjunction with MEC's racetrack operations, the Company owns and operates thoroughbred training centers - San Luis Rey Downs situated near San Diego, California, Palm Meadows Training Center in Palm Beach County, Florida and Bowie Training Center in the Baltimore, Maryland area. MEC also owns and operates production facilities in North Carolina for StreuFex™, a straw-based horse bedding product.