Source: Company Press Release
 
Magna Entertainment Corp. ("MEC") today reported its financial results for the third quarter ended September 30, 2008.
 
MEC also announced that it has engaged Miller Buckfire & Co., LLC ("Miller Buckfire") as its financial advisor and investment banker to review and evaluate various strategic alternatives including additional asset sales, financing and balance sheet restructuring opportunities. Miller Buckfire will also assist MEC in identifying, managing and executing its asset sales program and possible joint venture transactions.
 
Frank Stronach, MEC's Chairman and Chief Executive Officer, commented: "Although MEC has a strong asset base, we remain burdened with far too much debt and interest expense. Our previously announced debt elimination plan has been negatively affected by the weak real estate and credit markets, which have impacted our ability to sell non-core assets. As a result, we are evaluating MEC's core operations with a view to possibly selling or joint venturing one or more of MEC's core racetracks in order to strengthen MEC's balance sheet and liquidity position. Working with Miller Buckfire, we intend to develop and execute a plan to sell or joint venture certain core assets and enhance MEC's capital structure. Despite very difficult economic conditions in the U.S., our EBITDA loss modestly improved in the third quarter of 2008 compared to the same period last year due to improved results at Gulfstream Park and XpressBet(R). Although the weak economy will continue to present challenges in the near-term, we are very conscious of the fact that we must significantly improve our operating results."