Magna Entertainment Corp. had net income of $2.2 million in the second quarter of 2001, or 3 cents a share, roughly comparable with results in the second quarter last year.

Magna, which owns seven Thoroughbred racetracks plus a greyhound track and a harness track, had revenues of $113 million in the quarter, compared to $102 million in the second quarter last year, when net income was $2.7 million and 3 cents a share.

During the second quarter, Magna closed a deal to purchase the racing assets of Ladbroke Racing Pennsylvania, which included a harness track, an account-wagering operation and a share in The Racing Network. This week, the Racing Network ceased all operations when investors pulled out from the company.

Magna sold real estate valued at $10 million in the second quarter, compared to real estate sales in the second quarter of last year of $8.3 million. In a release, Magna said the sale resulted in $5 million in income before taxes, depreciation and amortization.

Through the first six months of 2001, Magna has net income of $24.7 million, compared to net income of $14.7 million in the first six months of 2000. However, much of the gain in net income came from the sale of real estate during the first quarter.