Magna Entertainment delisted by Toronto Stock Exchange

Magna Entertainment Corp.'s stock has been delisted by the Toronto Stock Exchange, effective April 1, the company said.

The Ontario-based racetrack operator said only that the delisting was due to its failure to meet the exchange's listing requirements.

The Financial Post newspaper said the exchange placed Magna under review Feb. 19 for possible delisting on an "expedited basis," signalling that the company could be nearing insolvency.

Magna operates more than a dozen pari-mutuel racetracks in North America and is a partner in TrackNet, a company that provides live simulcast racing signals to Las Vegas casinos.

The stock is listed as MEC and was trading for 30 cents a share, down 5 cents a share, Wednesday.

Magna is controlled by horse breeder and owner Frank Stronach, who owns Adena Springs Farm in Versailles.