One day after reporting Magna Entertainment Corp. would not release an annual report due to its ongoing bankruptcy proceedings, controlling shareholder MI Developments released data showing MEC posted its highest-ever annual loss in its brief history, though it's not exactly clear what the final tally is.
The owner of Colonial Downs reported it lost $4.1 million during 2008, due in part to its investment in MTR Gaming Group, it was reported March 18.
In an April 7 conference call where an executive announced an end to a workers' strike at its signature racino, MTR Gaming Group also claimed its 2007 financial performance was a product of a four-year business plan to diversify and strengthen the company.
Youbet.com said April 1 it had put a restructuring plan in place to recover from last year's $27.4-million loss, and is looking forward to a turnaround in 2008.
Youbet.com reported March 31 it lost $28.7 million in the fourth quarter of 2007 on the same day it was notified by NASDAQ it faces delisting from the stock exchange.
Gemstar-TV Guide International, the parent company of the TV Games Network, posted a preliminary second-quarter loss of $953.8 million after more than $1 billion in asset write-downs.
Gemstar-TV Guide, the parent company of the TV Games Network, took a heavy blow in the stock market Tuesday after an analyst questioned the accounting of $127.6 million in revenue.
Magna Entertainment's stock dropped 10% Monday, the first day of trading following a company announcement that fourth quarter losses would be greater than anticipated.
Most Popular Stories
- Strong Mandate Brings Lukas Back for More
- Candy Boy Sharpens Up for Santa Anita Derby
- Mucho Macho Man Taking it Easy at Gulfstream
- Racing Voices: The Fastest Horse in the World
- Ria Antonia Posts Bullet Move at Santa Anita
- OBS Spring Sale Catalog Now Available Online
- Lord Windermere Prevails in Gold Cup Photo
- Bath Time for Hoppertunity
- Pure Romance to Sponsor Bourbonette Oaks
- TimeformUS Saturday Plays