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Magna posts US$103M loss after write down

Operator of reports red

Wednesday 25th February 2004

After Aristocrat Leisure reported a $100 million plus loss yesterday, today Magna Entertainment disclosed a loss $103.2 million in its fourth quarter as the racetrack compared with a loss of $24.4 million in the final quarter of 2002.

Magna which operates XpressBet, a national Internet and telephone account wagering system, and HorseRacing TV, a 24-hour horse racing television network is a spin off of auto parts giant Magna International. The operator warned it would take the write down earlier this month. Quarterly revenues were $146 million, up from $106.8 million in 2002, while full-year revenues totaled $708.9 million, up from $549.2 million.

Source: OnlineCasinoNews

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