Dennis Mills

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Magna Two-Month Loss at $6.2 Million

Magna Two-Month Loss at $6.2 Million

During the first two months of MI Development's ownership of the previous Magna Entertainment assets, the racing and gambling operations lost $6.2 million, according to the latest quarterly report.

Longer Meets, Help for Owners Suggested

Longer Meets, Help for Owners Suggested

A desire for longer meets at racetracks is among the prominent themes derived from comments submitted to MI Developments vice president Dennis Mills as part of a contest at his RacingFuture.com website.

Stronach Critical of Certain MID Investors

Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.

Bid for MEC Properties Dropped by Parent

Bid for MEC Properties Dropped by Parent

MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.

MEC 2008 Loss Highest in Company History

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.

Einhorn Again Challenges MEC Parent

A long-time adversarial shareholder of MI Developments has asked the parent company of Magna Entertainment Corp. to re-examine its interest in the racing and gaming entity, calling MEC a "failed" business enterprise.

Gulfstream Opener: Patrons Miss the Grandstand

Gulfstream Park opened for its 2006 live race meet Wednesday, its palatial new clubhouse only partially completed and its patron facilities falling short of management's expectations when the project was begun nearly two years ago.

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