February 29, 2008 / 1:16 PM / 10 years ago

UPDATE 1-Magna Entertainment loss grows, debt plan stumbles

TORONTO, Feb 29 (Reuters) - Magna Entertainment Corp MECa.TO, which counts U.S. racetracks Santa Anita and Pimlico among its holdings, posted a bigger fourth-quarter loss on Friday as weak U.S. real estate and credit markets crimped its plan to stamp out debt.

The company, part of a group headed by Canadian auto parts giant Magna International MGa.TO, posted a net loss of $43 million, or 38 cents per share, compared with a net loss of $12.5 million, or 12 cents a share, in the same quarter a year earlier.

Quarterly revenue rose 14.4 percent to $117.3 million, from $102.6 million in the same period a year earlier.

The company said that although it is “firmly committed” to its debt elimination plan, “the weak U.S. real estate and credit markets have adversely impacted our progress to date on asset sales.”

The company has listed for sale its Great Lakes Downs property, as well as properties in California and Florida. It is also looking to sell Remington Park, Thistledown and its interest in Portland Meadows.

$1=$0.98 Canadian Reporting by Jonathan Spicer; Editing by Renato Andrade

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