Magna Entertainment 4Q Loss Widens

Magna Entertainment Corp. said Friday its fourth-quarter loss widened, as the year-earlier period benefited from a large gain on asset sales.

For the quarter ended Dec. 31, the company reported a loss of $43 million, or 38 cents per share, compared with a loss of $12.5 million, or 12 cents per share, in the previous year.

Loss from continuing operations widened to $40.6 million, or 36 cents per share, from a loss of $8.4 million, or 8 cents per share.

Prior-year results included a $126.4 million gain on the sale of intangible assets related to The Meadows.

The Canada-based racetrack owner and operator said quarterly sales increased 14 percent to $117.3 million from $102.6 million.

Magna's annual loss grew to $113.8 million, or $1.04 per share, compared with a loss of $87.4 million, or 81 cents per share, a year earlier.

Loss from continuing operations widened to $107.9 million, or 99 cents per share, from a loss of $79.6 million, or 74 cents per share.

Full-year revenue climbed to $625.7 million, up 9 percent from $574.2 million in the prior year.