Blake Tohana, a former executive with defunct Magna Entertainment Corp., has been appointed to the Woodbine Entertainment Group board of directors while David S. Willmot, Mark Frostad, and William Graham will leave the board.
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.
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 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.
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.
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.
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 Entertainment officials parried with contentious callers during an earnings conference call Nov. 2.
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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