Daily News Archive

Search nearly 75,000 unique Daily News articles.

Daily News Subscription

Magna 3-Year Loss Reaches US$306m

Tuesday, 4th March 2008

Magna Entertainment Corp (the leading operator of racetracks in North America by revenue) lost US$113,759,000 during the 12 months ended 31 December 31 2007, to bring the company's 3-year loss to US$306,403,000" reported thoroughbredtimes.com. MEC founder, chairman & acting chief executive Frank Stronach announced: "We remain firmly committed to implementing our debt elimination plan, although the weak US real estate & credit markets have adversely impacted our progress to date on asset sales." Many MEC properties remain for sale, including racetracks Great Lakes Downs in Michigan, Portland Meadows in Oregon, Remington Park in Oklahoma & Thistledown in Ohio.

« Previous
Return to
4th March 2008 News
Next »