Earnings

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MEC May Reconsider Sale of Some Assets

MEC May Reconsider Sale of Some Assets

Magna Entertainment Corp., which posted a $21.25-million loss for the second quarter of 2008, said Aug. 5 it's reconsidering the sale of some assets it expected to unload as part of a debt-elimination plan.

Youbet Examining Possible TVG Deal

Youbet Examining Possible TVG Deal

Youbet.com, during an Aug. 5 conference call in which it reported a profit for the second straight quarter, said it is evaluating the effects of a possible merger with TVG.

MTR Gaming Aims to Reduce Debt

MTR Gaming Aims to Reduce Debt

MTR Gaming Inc. has defined as core assets its two Thoroughbred racinos and an Ohio harness track, and will examine sale possibilities of all other properties to reduce debt and raise shareholder value, the company said July 30.

Track Owner Boosts Stake in MTR Gaming

Track Owner Boosts Stake in MTR Gaming

Jacobs Entertainment Inc. and its affiliates have recently increased their overall stake in MTR Gaming Group, a move that follows a January announcement that the owner of Colonial Downs was shifting its focus towards facilities that feature multiple forms of gaming.

CDI: 2007 Challenges, 2008 Opportunities

CDI: 2007 Challenges, 2008 Opportunities

Churchill Downs Inc. is asking for patience in seeing financial rewards from what it termed an $80 million investment into the advance deposit wagering industry in 2007, and promises to act on opportunities for the company's progress in 2008.

'Groundhog Day:' MEC Losses Mount

'Groundhog Day:' MEC Losses Mount

With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.

CDI Keeping an Eye on the Future

CDI Keeping an Eye on the Future

Churchill Downs Inc. reported a 7.1% increase in net revenue for the third quarter of 2007, but realized a 62.9% decline in net earnings, as the company's chief executive voiced hope for the future on a variety of fronts during a Nov. 8 conference call.

Hollywood Park Sale Gives CDI Big Quarter

Churchill Downs Inc. reported net earnings of $71.6 million for the third quarter of 2005, up from a loss of $3.8 million for the same period last year, thanks to the sale of Hollywood Park in Southern California.

MEC Hopes to Identify Partners This Year

Magna Entertainment Corp. expects to have partners lined up for some of its pending racetrack gaming operations before the end of this year, and hopes to have a presence in Nevada, where account wagering could be offered in the future.

MEC Banks on Profitability--and Slots--by 2007

Magna Entertainment Corp., which registered a $25-million decline in net income in the last year, expects to post a net loss for 2005 but is banking on profitability--and operation of slot machines in three states--by the end of 2007.

Canterbury: Net Income Down, But Revenue Up

Canterbury Park Holding Co. reported a decrease in net income for the first three months of 2003 compared with the same period in 2002, but an increase in revenue for the three-month period.

Magna Income Decreases in First Quarter of 2003

Magna Entertainment Corp. reported a $6-million decrease in net income for the first quarter of 2003 compared with the same period in 2002, according to a financial statement released April 30.

Magna Reports Soft Third Quarter, Loses Two More Directors

Magna Entertainment reported across-the-board declines in revenue, net income, and earnings per share for the third quarter ending Sept. 30. The Ontario-based racing conglomerate also announced the resignation of two more directors, John York II and James Nichol, from its board of directors.

Youbet CEO Says Company is Strong and Growing

Youbet CEO Says Company is Strong and Growing

Youbet.com is on solid footing, according to the California online horse racing and wagering service's top executive. Chief executive officer David Marshall said he expects substantial increases in revenue and to secure additional capital within the next three months.

MTR Gaming Reports Bad Second Quarter

The owner of Mountaineer Race Track and Resort in West Virginia took a huge hit in the stock market Friday morning after releasing poor second quarter earnings.

Magna Stops Buying Spree...For Now

Magna Stops Buying Spree...For Now

Magna Entertainment's buying spree is over for the time being. The Ontario-based racing conglomerate has shifted its focus toward making the 10 racetracks it owns and manages more efficient and profitable.

Record Second Quarter for Churchill Downs

Churchill Downs Inc. hit a couple financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.

Record Second Quarter for Churchill Downs

Churchill Downs Inc. hit several financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.

Sam Houston Parent Company Posts Big Losses

Maxxam, the industry conglomerate that owns Sam Houston Race Park, posted a huge first quarter loss after its aluminum operation declared bankruptcy. The bankruptcy is not expected to affect racing operations.

Scientific Games Posts Positive First Quarter

Scientific Games reported $5.4 million, a gain of 10 cents per common share, in net income for the three month period ending March 31. For the same period a year ago, the company reported a net income of $4.1 million or a loss of 10 cents per share.

MTR Gaming Reports Strong Fourth Quarter, Year-End Results

MTR Gaming Group, owner of Mountaineer Park, reported double digit increases in revenue, net income, and earnings for the fourth quarter and 2001. The West Virginia company (Nasdaq:MNTG) also reported decreases in earnings per share for the quarter and for the year.

Stock Plunges for TVG's Parent Company

Gemstar-TV Guide stock plummeted Tuesday morning on the heels of poor fourth quarter and year-end results. As of 3 p.m., the parent company of the TV Games horse racing network was down $4.21 to $17.52, a drop of 19.4%.

Magna Posts Mixed Fourth Quarter, Strong Gains for 2001

Magna Entertainment reported a 28% gain in fourth quarter revenue, but losses in net income and earnings per share for the three-month period ending Dec. 31. For the year, the Canadian racing conglomerate reported a 25.5% increase in revenue, a jump in net income from $441,000 to $13.5 million, and an increase in diluted earnings per share from 1 cents to 16 cents.

Penn National Announces Record Fourth Quarter and Stock Offering

Penn National reported a record fourth quarter Monday with revenue climbing 48.1% and net income jumping 105.2%. The Pennsylvania racetrack and casino company also announced it will be offering 2.5 million in additional shares of common stock, which should generate about $74 million. Another 1 million shares will be offered at the same time by the Carlino Family Trust.

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