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.
Most Popular Stories
- Classic Empire to Resume Galloping
- Sanford Adds Another Chapter to Rich History Saturday
- Tiz a Slam Heads Prince of Wales Stakes
- Litfin: No Going Against Arrogate in San Diego
- Maryland Horse of the Year Ben's Cat Dies
- Sircat Sally Faces Stiff Test in San Clemente
- Dream It Is The Real Deal in Schuylerville
- Proctor's Ledge Makes Splash in Lake George
- Abel Tasman Brings Form to Coaching Club American Oaks
- Arrogate Begins Del Mar Journey in San Diego Handicap