Nov 3, 2001 9:21 PM

Magna Entertainment reported revenue for the third quarter and the first nine months of 2001 increased 31% to $65.8 million and 25% to $423 million, respectively.

Net income increased 92% to $18.5 million for the first nine months, despite a net loss of $6.2 million in the third quarter compared to a loss of $5.1 million last year.

Magna owns and operates a stable of horse racetracks across the country, as well as OTB and pari-mutuel wagering operations, including Call-A-Bet, a national telephone account wagering system.