Another Magna Entertainment Director Resigns

23 February 2009

Magna Entertainment Corporation’s lead director has resigned while the troubled horse racetrack operator undergoes an expedited review by the Toronto Stock Exchange, which could result in a delisting for the company.

On Feb. 20, the Canadian company announced that Jerry D. Campbell, lead director and a member of its audit committee, had stepped down.

The company did not state a reason for Mr. Campbell’s departure, though it did explain that his absence would effect its Nasdaq Marketplace requirements for a three-member audit committee. The company said that it intends to regain compliance by the conclusion of Nasdaq’s cure period, which will end Feb. 20, 2010.

In late January, Charlie J. Williams stepped down as the company’s director due to other pressing business issues.