Magna Developments

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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.

Magna Reorganization Plan Implemented

The bankruptcy reorganization plan for Magna Entertainment that includes the transfer of Santa Anita, Gulfstream, and Golden Gate to MID Developments has been implemented, effective at 5:01 p.m. (EDT) April 30.

MID's CEO Still Supports Magna

Despite the earlier announcement that Magna Entertainment Corp. had a quarterly loss of $48.4 million and is seeking to sell core assets, including one or more of its top racetracks, management of the company that holds 60% equity interest in MEC continues to be optimistic of a turnaround.

Magna Losses Drag Down MID

Magna Losses Drag Down MID

Due primarily to losses by Magna Entertainment racetracks, MI Developments, the property arm of Canadian auto-parts empire Magna International, reported lower first-quarter profit May 7.

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