Golden Gate Fields Owner Nixes Annual Report

By Richard Brenneman
Friday March 27, 2009 - 11:15:00 AM

Magna means “big” in Latin, but the adjective doesn’t apply to the value of Magna Entertainment Corporation—which has dropped to pennies a share—nor to its annual financial report. 

In fact, announced North America’s largest owners of horse racing tracks, there won’t be annual report at all for last year. 

Preparation would be too costly for a company currently engaged in bankruptcy action on both side of the U.S.-Canadian border. 

Magna, which owns Golden Gate Fields in Albany, made the announcement in a notice released Wednesday afternoon, March 26. 

Magna announced that “the expense and effort involved in complying with annual and quarterly reporting requirements cannot, in the opinion of the company, be justified in light of MEC’s current and operational financial situation.” 

Magna will be auctioning off a portifolio of properties, including the Albany track, though it has created a so-called “stalking horse bid” to acquire them on behalf of a sister company. 

Both the NASDAQ stock exchange in the United States and the Toronto Stock Exchange to the north have stricken the company’s shares from their listings. 

More information on the bankrupotcies is available at the corporate website at www.magnaent.com/restructuring.