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Prospector
Profile
3-20-003
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| Magna Entertainment Corp. |
NAICS |
711212 |
| 337 Magna Drive,
Aurora, Ontario L4G 7K1 Canada |
Description |
Racetracks |
| (905) 726-2462 |
Employees |
5300 |
| http://www.magnaentertainment.com |
Revenue |
(mil) |
625.7200 |
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Income |
(mil) |
-113.7600 |
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Assets |
(mil) |
1242.6400 |
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Liability |
(mil) |
879.9300 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Ernst & Young LLP in Toronto, Canada, raised substantial doubt about Magna Entertainment Corp.'s ability to continue as a going concern after auditing the Company's consolidated financial statements for the years December 31, 2007, and 2006. The auditing firm pointed to the Company's recurring operating losses and working capital deficiency. For the year ended December 31, 2007, the Company reported a net loss of $113,759,000 on total revenues of $625,715,000 as compared with a net loss of $87,351,000 on total revenues of $574,198,000 in 2006. At December 31, 2007, the Company's balance sheet showed $1,242,642,000 in total assets, $879,929,000 in total liabilities, and $362,713,000 in total stockholders' equity.
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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 03-14-08]
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Description:
Magna Entertainment Corp. 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); Ron Charles (COO & Dir.); Blake Tohana (EVP & CFO); Mary Lyn Seymour (VP & Controller); Anthony R. Campbell (Dir.); Jerry D. Campbell (Dir.); Jennifer Jackson (Dir.); William J. Menear (Dir.); Frank Vasilkioti (Dir.); Charlie J. Williams (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol MECA; NasdaqGM; 58,466,056 common shares outstanding as of March 10, 2008.
8.55% convertible subordinated notes due June 15, 2010; 7.25% convertible subordinated notes due Dec. 15, 2009.
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