Business Services Industry
Magna Entertainment Aims to Branch Out, Acquires Grand Prairie, Texas, Park.
Knight Ridder/Tribune Business News, October, 2002
By Richard Alm, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 21--You don't have to tell Jim McAlpine that horse racing isn't what it used to be.
The president of Magna Entertainment, which will close its deal to buy Lone Star Park at Grand Prairie this week, concedes that attendance at the tracks has been dropping for years. Ditto the take from on-track wagering.
"The business has deteriorated because there hasn't been a recognition that the customer has changed and the market has changed," Mr. McAlpine said.
Even before it added Lone Star Park to its list of acquisitions, Magna Entertainment Corp. aimed to reverse the downward trend.
Out is the old concept of horse racing as an exercise in watching...
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