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Magna 3-Year Loss Reaches US$306m
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.