Another Magna Entertainment Director Resigns

2/23/2009 by Gaming Industry Media Staff

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

Magna Entertainment Corporation’s lead director has jumped ship 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 the 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 affect 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.