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Prospector
Profile
07.1205
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| Magna Entertainment Corporation |
NAICS |
711212 |
| 337 Magna Drive
Aurora, Ontario L4G 7K1 Canada |
Description |
Racetracks |
| (905) 726-2462 |
Employees |
5300 |
| http://www.magnaent.com/ |
Revenue |
(mil) |
702.1400 |
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Income |
(mil) |
-87.3500 |
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Assets |
(mil) |
1246.8900 |
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Liability |
(mil) |
846.2700 |
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(for the year ended 2006-12-31) |
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Category:
Loss/Deficit
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Event:
Magna Entertainment Corp. posted a $23,437,000 net loss on $203,063,000 of total revenues for the second quarter ended June 30, 2007, as compared with a $26,338,000 net loss on $179,716,000 of total revenues for the same period last year. At June 30, 2007, the company's balance sheet showed $1,215,060,000 of total assets, $782,627,000 in total liabilities, and $432,433,000 in stockholders' equity. The company reported strained liquidity in its June 30, 2007, balance sheet with $140,407,000 in total current assets and $176,267,000 in total current liabilities, resulting in a $35,860,000 working capital deficit.
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Intellectual Property:
The Company's intellectual property ranges from ownership of racing content and the pari-mutuel racing event that is determined by the race outcome, to the techniques and technology used to process wagers placed on the pari-mutuel racing event. In recent years, the Company has focused on the creation of alternative pari-mutuel wagering solutions, new wager types that use existing pari-mutuel wagering solutions and exploration in the development of wagers for non-traditional pari-mutuel wagering events. Acquisition of intellectual property has and will continue to include in-house research and development and the purchasing of intellectual property. [SEC Filing 10-K 03-15-07]
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Description:
The Company owns and operates horse racetracks and supplies racing content to the inter-track, off-track, and account wagering markets in North America.
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Officers:
Frank Stronach (Chair); Michael A. Neuman (CEO & Dir.); Blake Tohana (EVP & CFO); Joe De Francis (EVP); Brant Latta (SVP); James Bromby (SVP); Frank DeMarco, Jr. (VP); Mary Lyn Seymour (VP & Controller); William G. Ford (Sec.); Jerry D. Campbell (Dir.); Joseph De Francis (Dir.); Louis E. Lataif (Dir.); William J. Menear (Dir.); Dennis Mills (Dir.); Charlie J. Williams (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol MECA; NasdaqGM; 49,255,461 common shares outstanding as of July 31, 2007.
8.55% convertible subordinated notes due June 15, 2010; 7.25% convertible subordinated notes due Dec. 15, 2009.
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