Magna's quarter mirrors 2000

Magna Entertainment Corp. had net income of $2.2 million in the second quarter of 2001, or 3 cents a share, roughly comparable with results in the second quarter last year.

Magna, which owns seven Thoroughbred racetracks plus a greyhound track and a harness track, had revenues of $113 million in the quarter, compared with $102 million in the second quarter last year, when net income was $2.7 million and 3 cents a share.

During the second quarter of 2001, Magna closed a deal to purchase the racing assets of Ladbroke Racing Pennsylvania, which included a harness track, an account-wagering operation and a share in the Racing Network. This week, the Racing Network ceased all operations when investors pulled out from the company.