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MAGNA POSTS SECOND QUARTER GAINS

Aug 2, 2001 8:48 PM

Magna Entertainment Corp. reported an increase in revenue for both the second quarter and first six months of 2001.

Revenues for the first six months were up 24 percent to $357.7 million. Second quarter gains were 11 percent to $113.2 million.

Magna said the results were based in large part on the consolidation of Ladbroke Pennsylvania and the sale of non-core real estate holdings.