Keyword: magna developments

  • Split Verdict in Magna Simulcast Fees Case

    A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.

  • 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

    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.

  • Magna Loss Soars in First Quarter

    Despite mounting losses and lack of investor confidence, executives of racetrack operator Magna Entertainment remain confident the company's fortunes can be reversed.

  • Magna chairman Frank Stronach

    Stronach Comments on Magna Developments

    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.