Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.
Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.
The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.
MI Developments, the real estate spin-off of Magna International, reported a third-quarter profit of $11.5 million, but a $27.4-million loss at Magna Entertainment Corp. created a bottom-line deficit of $15.9 million. MEC is controlled by MID.
Most Popular Stories
- Close Hatches Proves Class in Azeri Stakes
- Onlyforyou Euthanized After Training Accident
- Centre Court Scores Game Honey Fox Repeat
- Miss Mossman Surprises in New Zealand Oaks
- Champs Beholder, She's a Tiger Post Workouts
- Cairo Prince Leads Florida Derby Worktab
- Dissident, Appearance Win at Royal Randwick
- Trainer Chuck Treece Collects 1,000th Win
- Apprentice Boulanger Guides in First Winner
- Arkansas Derby Preview Day Preview Blog