Keyword: John Simonetti

  • Magna Official Says He Will Step Down

    Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.

  • MEC Gets Extension on $40-Million Loan

    Magna Entertainment Corp. has been granted a one-month extension on a $40-million loan that was due to mature March 31, a credit agreement that is secured by the assets of the company's Golden Gate Fields and Santa Anita Park.

  • MEC's Parent Company May Step in Again

    The parent company of Magna Entertainment Corp. says the racing and gaming company needs to sell off assets as quickly as possible to drive down debt, and may not be able to repay loans that are set to expire in May.

  • MEC Losses Impact MI Developments

    MI Developments, the real estate spin-off of Magna International, reported a third-quarter profit of $11.5 million, but a $27.4-million loss at Magna Entertainment Corp. created a bottom-line deficit of $15.9 million. MEC is controlled by MID.