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.
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