Magna 1st Q Results... Take a guess

[SentToStud]

http://news.bloodhorse.com/article/45068.htm

Magna managed to lose a modest $46,500,000 in Q1. Last year, first Q results were + $2 Million. The first quarter is traditionally their best with both Gulfstream and Santa Anita running. Revenues down essentially everywhere; California, Florida, Maryland, etc....

Among reasons cited: Weather, the real estate market, now-fired managers, over-regulation and, my favorite, "preceived parking disruption."

MEC is likely to miss paying $180,000,000 in loan payments due its parent company at the end of the month. Also, Greenlight's MI Development proposal was voted down this week and it looks like even greater control will be in Stronach's hands moving forward.

But, fear not, as the big Magna, Magna International, MI Dev's parent and an incredibly successful firm is debt-free and has $2 Billion in cash.

I put the Over/Under on MEC's loss for 2008 at $250,000,000. That seems like a nice, round number.

In other news, Churchill Down's stock closed yesterday off nearly 20% vs last Thursday, a decrease of about $125,000,000 in shareholder equity in one week. Churchill stated disputes with KY and FL horsemen could last into 2009.

Not a great week.