MI Developments reported a steeper third-quarter loss Nov. 9, despite a 31% jump in revenue, hampered partly by weakness in its horse racing and gambling unit, Magna Entertainment.
Losses sustained during 2004 and the fourth quarter by racetrack operator Magna Entertainment had a negative impact on the financial results for MI Developments during the same periods.
Magna Entertainment and MI Developments chairman Frank Stronach Monday commented on recent developments at the companies, which included the resignation of Brian Tobin as CEO of MID.
Most Popular Stories
- Racing Voices: The Fastest Horse in the World
- Lord Windermere Prevails in Gold Cup Photo
- Pure Romance to Sponsor Bourbonette Oaks
- KHRC Drug Tests: Turfway Meet 'Cleanest'
- Bath Time for Hoppertunity
- Mucho Macho Man Taking it Easy at Gulfstream
- Secretariat Celebration Set for March 29
- TimeformUS Saturday Plays
- KY House Speaker: Gambling Amendment Dead
- Trainer Michael D'Angelo Dies at 55