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Bottom line tops at MEC

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March 11, 2005 Send To A Friend  | Print View

Establishing a stronger balance sheet is the first priority right now for Magna Entertainment Corp. (MEC), according to its newly appointed CEO Thomas Hodgson.



Hodgson, who participated in a conference call with MEC officials, analysts and media Thursday, March 10, said that while MEC had an "impressive" portfolio, it needed to make financial improvements. He noted that MEC has lost money for several years and that it would lose money again in 2005.



Hodgson was quoted by The Blood-Horse as saying: "Getting to cash flow break-even and sustainable profitability is a two-year exercise." He also added that "adding tracks is not part of the game plan."



MEC owns or operates 12 tracks in the United States, including The Meadows, where it plans to install gaming machines next year.

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