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  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Smoke Glacken sire of Walker Bay 1st Alw (May 24, 8th CD). Owner, Hammersmith, Dennis L. and Paden Racing, Inc.; Breeder, Brian O'Rourke & Derry Meeting Farm...
  • Flower Alley sire of Bouquet Booth 1st Alw (May 24, 7th CD). Owner, Right Time Racing LLC; Breeder, Brookdale & Dr. Ted Folkerth...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Latent Heat sire of Heated Troubles 1st Mdn (May 24, 5th RD). Owner, Ashleigh Stud; Breeder, Ashleigh Stud, Frank Ramos & JackieRamos...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Chapel Royal sire of Mr Rodriguez 1st Mdn (May 24, 2nd BEL). Owner, Imperio, Michael and Loftus, Elizabeth; Breeder, Jill Imperio & Daniella Corian...
  • Tribal Rule sire of Italian Rules 1st Alw (May 24, 7th BHP). Owner, Barber, Gary and Cecil; Breeder, Nick Cafarchia...
  • Canadian Frontier sire of Golden Frontier 1st Alw (May 24, 3rd CD). Owner, George Fister; Breeder, Brereton C. Jones...
  • Wando sire of Deb's Girly Girl 1st Alw (May 24, 6th RD). Owner, Deborah F. Metz; Breeder, Deborah F. Metz...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Holy Bull sire of Catalan 1st Alw (May 24, 8th BEL). Owner, Elizabeth Loftus; Breeder, B. P. Walden & Dr. S. Marcum...
  • First Samurai sire of Nakano 1st Alw (May 24, 8th CRC). Owner, Thoroughbred Futures Racing; Breeder, Hubert Vester...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Benchmark sire of Planet Sunshine 1st Alw (May 24, 5th GG). Owner, Thomas A. Shapiro; Breeder, Thomas Shapiro...
  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Arch sire of Wiki 1st Alw (May 24, 2nd PID). Owner, Midwest Thoroughbreds, Inc.; Breeder, Stuart S. Janney, III LLC....

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MEC writes down $136.8-million in assets

Posted: Thursday, March 19, 2009 9:56 AM

by Ed DeRosa

Magna Entertainment Corp.’s audit committee on Monday approved write-downs of long-lived and intangible assets totaling approximately $136.8-million, the company revealed in a Securities Exchange Commission filing.

Magna Entertainment’s Maryland Jockey Club, Golden Gate Fields, and The Meadows were among the write-downs, which included the value of each facility’s racing license.

“During the year ended December 31, 2008, the Maryland Jockey Club, Golden Gate Fields, Lone Star Park, and The Meadows experienced lower average daily attendance and decreased wagering activity compared to previous years,” the company’s 8-K filing on Tuesday stated. “In addition, the 2009 business plans for these operations reflected reductions in estimated future cash flows based on lower expectations for growth and profitability resulting primarily from the significant downturn in the U.S. economy.

“Based on these impairment indicators, [Magna Entertainment] tested the long-lived and intangible assets at these locations for recoverability. [Magna Entertainment] used an expected present value approach of estimated future cash flows to determine the fair value of the long-lived and intangible assets. Based on this analysis, impairment charges were required at all of these locations.”

Magna Entertainment also said it wrote down assets related to discontinued operations Portland Meadows in Oregon and Magna Racino in Austria as well as to the real estate it owns in Dixon, California, where a proposed new track was rejected by voters.

Magna Entertainment has been operating under Chapter 11 bankruptcy protection since March 5. The company has said in numerous statements that neither its bankruptcy nor its write-downs would affect the company’s day-to-day operations.

For more on Magna Entertainment's bankruptcy, click here.

Ed DeRosa is news editor of THOROUGHBRED TIMES

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