Magna - one step away from bankruptcy ??

Originally Posted by boldruler

Exactly. That real estate is the key to everything. The states need that gambling money and he can get whatever he wants as long as he knows that real estate can be sold at a huge profit. He got the government addicted to the gambling money and now he gets whatever he wants or they lose their gambling money. Brilliant!

i imagine the real estate is equal to the mortgage, he just took out a mortgage to build the place, and he has been borrowing 9 million a month since it was built.
i haven';t seen the balance sheet, but i doubt the underlying equity in the real estate is anything to drastic.
at most, a shot in the dark, hge could get $100,000,000 more than he what he spent on it. that would fund the track for 1 more year. than what ???

he should look into leasing the track, or maybe selling the rights for twenty years to AP for 5 grade1 races.
hmmm, thats an idea, sell the rights to the graded stakes..