Blake Tohana

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MEC May Reconsider Sale of Some Assets

MEC May Reconsider Sale of Some Assets

Magna Entertainment Corp., which posted a $21.25-million loss for the second quarter of 2008, said Aug. 5 it's reconsidering the sale of some assets it expected to unload as part of a debt-elimination plan.

MEC Officials Promise to Keep Chipping Away at Debt

MEC Officials Promise to Keep Chipping Away at Debt

Magna Entertainment blamed the weak performance of its slots operation at Gulfstream Park Racing & Casino as a key to another in a series of poor financial quarters, as the company announced a $49.8 million net loss ending Sept. 30.

Magna Entertainment Ready to Take 'Drastic Action'

Magna Entertainment Co. announced "disappointing" second-quarter earnings Aug. 9 that included a $23.4-million loss during the period, and outlined new initiatives to help reduce mounting debt that has haunted the racetrack operator.

Magna Packaging Properties to Drive Down Debt

Magna Packaging Properties to Drive Down Debt

Officials with Magna Entertainment spent a good deal of time May 9 highlighting the company's continued attack on staggering debt, and how it will correct an admittedly disappointing start for the slots operations at Gulfstream Park.

Magna Would Consider Selling Training Centers

Amid news of improvement on operating losses and increased revenues, officials with Magna Entertainment also said during an earnings conference call March 5 that selling off prominent training centers in both California and Florida was within the realm of possibility.

FHBPA Pledges $1M to Gulfstream Development

Gulfstream Park Racing & Casino is moving forward with a plan for a second-phase of 700 slot machines, and has also secured a commitment of $1 million in partnered investment help from the Florida Horsemen's Benevolent & Protective Association, it was announced Dec. 22.

Magna Names New Chief Financial Officer

Magna Entertainment Corp. Thursday announced the appointment of Blake Tohana as an executive vice president and its new chief financial officer, effective July 28, replacing Graham Orr.

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