May 6, 2008 / 3:38 PM / in 10 years

Magna Entertainment posts first-quarter loss

(In U.S. dollars)

TORONTO, May 6 (Reuters) - Magna Entertainment Corp MECa.TO, which counts a number of U.S. racetracks among its holdings, swung to a first-quarter loss on Tuesday, hurt partly by a poor performance at its Gulfstream operation.

The company, part of a group headed by Canadian auto-parts giant Magna International MGa.TO, posted a loss of $46 million, or 40 cents a share, compared with a profit of $2 million, or 2 cents a share, in the same quarter a year earlier. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)

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