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Magna Lays Off Staff After Racetrack, Gambling Losses12 November 2003CANADA – As reported by the Globe and Mail: ``Magna Entertainment Corp., has trimmed its head office staff in the wake of third-quarter losses at the racetrack and gambling operation. ``The layoffs included Andrew Gaughn, who had been vice-president of new-media initiatives and was hired away from what is now Woodbine Entertainment Corp. to join MEC. ``The Magna International Inc. spinoff has become the largest operator of racetracks in North America, but has struggled amid high costs and the impact of a weak U.S. economy. ``…The cuts come after MEC, which is based in Aurora, Ont., announced last month that it had developed 'an aggressive multipart action plan aimed at improving' its future financial results…" |