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.
- By Ron Mitchell
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.
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