Big Losses for MEC

[Observer]

Big MEC Losses (http://news.bloodhorse.com/viewstory.asp?id=25212)

[CryingForTheHorses]

Ill bet the Magna bashers will love this!
What a writeoff for Magna!

[Macdiarmadillo]

MEC was spun off from the auto parts biz and never made the merger with the real estate arm, so what's to write off?

[kenwoodallpromos]

In other words, all of the excuses were well expected in the course of normal longterm planning and the goal has always been and is still to squeeze every dollar possible out of racing until they can totally re-develop the properties, at least in California.
They are still developing all arms of the retail side of the racing business.
I am not a stock market person, but it sounds like they are hoping the stock value depreciates ao they can make major moves of some kind. They would love to close either GGF or BM and convert the property for apartments.

[Figman]

from a recent Matt Heagearty DRF column.....

"Magna is also exploring selling excess real estate at its tracks to raise cash", McAlpine said, including several "residential properties."

Is this referring to Gulfstream Park as Magna previously has expressed a desire to develop a racetrack in the Ocala area?

[Dan Montilion]

Originally posted by kenwoodallpromos
In other words, all of the excuses were well expected in the course of normal longterm planning and the goal has always been and is still to squeeze every dollar possible out of racing until they can totally re-develop the properties, at least in California.
They are still developing all arms of the retail side of the racing business.
I am not a stock market person, but it sounds like they are hoping the stock value depreciates ao they can make major moves of some kind. They would love to close either GGF or BM and convert the property for apartments.

Magna does not own the land at the Bay Meadows site. In fact the land owner of the Bay Meadows site will not extend the lease in 2005 to Magna. Bay Meadows land managment will instead apply for dates and run their own meeting. Of course they are not off to a flying start as they have named Jack Liebeau (sp?)General Manger, the same Liebeau that was at the helm of Bay Meadows during its decline from a mid-level track to something that now resembles White Pine County Raceway in Ely, Nevada.

Dan Montilion

[kenwoodallpromos]

I guess I'm behind the times.