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Youbet.com Exec to Join Magna

Ron Luniewski, the co-chief executive officer of Youbet.com, is resigning from the online horse racing wagering company to run Magna Entertainment's new XpressBet interactive wagering business.

Management Shakeup at Youbet.com

Youbet.com co-founder David Marshall is investing $750,000 in the online pari-mutuel wagering service and assuming the positions of chairman and chief executive officer.

Youbet.com Reports Third Quarter Losses

Youbet.com's significant decreases in third quarter revenue and handle is being blamed on the weak economy and the aftermath of the Sept. 11 terrorist attacks in New York and Washington, D.C. Revenue fell 19% to $1.13 million for the third quarter ending Sept. 30, down from $1.39 million for the same period of 2000. Handle also dropped 16% to $18.8 million, down from $22.4 million a year ago.

Youbet.com Stock Hemorrhage Slows

Trading continued to be heavy on Youbet.com Thursday, but the stock price closed a more modest 4.4% lower than the day before. The day provided some relief to the two previous days of double digit declines.

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