<Page>
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF US DOLLARS)
<Table>
<Caption>
YEAR 5 MONTHS YEAR YEAR SIX MONTHS SIX MONTHS TWELVE MONTHS
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, JUNE 30, JUNE 30, JUNE 30,
1998 1998 1999 2000 2000 2001 2001
Consolidated pre-tax income from
continuing operations ($8,610) ($4,408) $ 2,773 $ 1,553 $25,649 $41,579 $17,483
Interest expense 1,399 1,236 1,666 3,263 1,366 4,183 6,080
Interest portion of rental expense 3 1 57 223 58 73 239
-----------------------------------------------------------------------------------------
Earnings ($7,208) ($3,171) $ 4,496 $ 5,039 $27,073 $45,835 $23,802
=========================================================================================
Interest EXPENSE $ 1,399 $ 1,236 $ 1,666 $ 3,263 $ 1,366 $ 4,183 $ 6,080
Interest portion of rental expense 3 1 57 223 58 73 239
-----------------------------------------------------------------------------------------
Fixed Charges $ 1,402 $ 1,237 $ 1,723 $ 3,486 $ 1,424 $ 4,256 $ 6,319
=========================================================================================
RATIO OF EARNINGS TO FIXED CHARGES nil nil 2.61 1.45 19.01 10.77 3.77
=========================================================================================
COVERAGE DEFICIENCY $ 7,208 $ 3,171
=======================
</Table>
ML
1. I have lower cased the "e" in expense
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<Table>
INTEREST ON RENTAL CALCULATIONS
ASSUME 8% REPRESENTS OUR COST OF BORROWING
YEAR ENDED JULY 31, 1998
Payments under operating leases 44,000 agreed to note 13d of the annual report
Calculation of NPV of lease payments ($40,740.74)
--------------------
Interest component 3,259
====================
5 MONTHS ENDED DECEMBER 31, 1998
Payments under operating leases 39,000 agreed to note 13d of the annual report
Calculation of NPV of lease payments ($37,754.11)
--------------------
Interest component 1,246
====================
YEAR ENDED DECEMBER 31, 1999
Payments under operating leases 767,000 agreed to note 13d of the annual report
Calculation of NPV of lease payments ($710,185.19)
--------------------
Interest component 56,815
====================
YEAR ENDED DECEMBER 31, 2000
Operating Leases
Payments under operating leases 3,000,000 agreed to note 13d of the annual report
Calculation of NPV of lease payments ($2,777,777.78)
--------------------
Interest component 222,222
====================
Bay Meadows lease
$1,000,000 per year / 365 days x 44 days of ownership in 2000 = 120547.9452
Calculaton of NPV of rental payment ($119,354.46)
-----------------
Interest component 1,193
=================
Total Interest in 2000 223,416
=============
SIX MONTH PERIOD ENDED JUNE 30, 2000
Operating Leases
Payments under operating leases 1,500,000 agreed to note 13d of the annual report for 2000 divided
by 2 for half year
Calculation of NPV of lease payments ($1,442,307.69)
--------------------
Interest component 57,692
====================
SIX MONTH PERIOD ENDED JUNE 30, 2001
Operating Leases
Payments under operating leases 1,396,500 agreed to note 13d of the annual report for 2000 divided
by 2 for half year
Calculation of NPV of lease payments ($1,342,788.46)
--------------------
Interest component 53,712
====================
Bay Meadows lease
$1,000,000 per year / 12 months x 6 months = 500000
Calculaton of NPV of rental payment ($480,769.23)
-----------------
Interest component 19,231
=================
Total Interest in 2000 72,942
=============
LAST 12 MONTHS ENDED JUNE 30, 2001
Full year interest - December 31, 2000 223,416
Deduct: 6 months ended June 30, 2000 -57,692
Add; 6 months ended June 30, 2001 72,942
--------------------
238,666
====================
</Table>
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EARNINGS TO FIXED CHARGES RATIO
<Table>
<Caption>
LATEST
12 MONTHS YEAR YEAR 5 MONTHS YEAR YEAR YEAR
Q2 Q2 ENDED ENDED ENDED ENDED ENDED ENDED ENDED
2001 YTD 2000 YTD JUNE 30, DECEMBER DECEMBER DECEMBER JULY 31, JULY 31, JULY 31,
2001 31, 2000 31, 1999 31, 1998 1998 1997 1996
PART I - EARNINGS
Pretax income 41,579 25,649 17,483 1,553 2,773 (4,408) (8,610) (1,382) -2424
Add:
Fixed Charges
Interest expense - not income 4,183 1,366 6,080 3,263 1,666 1,236 1,399 955 116
Amortization of debt issue costs
and discount or premium relating to
indebtedness 0 0 0 0 0 0 0 0 0
Interest portion of rental expense 73 58 239 223 57 1 3 0 0
Preferred stock dividends 0 0 0 0 0 0 0 0 0
Fixed Charges reduced by:
interest capitalized during the period 0 0 0 0 0 0 0 0 0
Preferred stock dividends 0 0 0 0 0 0 0 0 0
Amortization related to capitalized interest 0 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------------------
45,835 27,073 23,802 5,039 4,496 (3,171) (7,208) (427) (2,308)
===================================================================================
PART II - FIXED CHARGES
Interest Expense - not income 4,183 1,366 6,080 3,263 1,666 1,236 1,399 955 116
Amortization of debt issue costs
and discount or premium relating to
indebtedness 0 0 0 0 0 0 0 0 0
Interest portion of rental expense 73 58 239 223 57 1 3 0 0
Preferred stock dividends 0 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------------------
4,256 1,424 6,319 3,486 1,723 1,237 1,402 955 116
===================================================================================
FIXED CHARGE COVERAGE 10.77 19.01 3.77 1.45 2.61 (2.56) (5.14) (0.45) (19.90)
===================================================================================
</Table>
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REAL ESTATE SALES
<Table>
<Caption>
1998 1999 2000 Q2 YTD 2001 TOTALS
Revenue 0 2,544 37,630 36,145 76,319
Cost of Sales 0 1,916 30,656 19,093 51,665
----------------------------------------------------------
Gross Margin 0 628 6,974 17,052 24,654
==========================================================
TOTAL EBITDA 9.8 21.8 55.7 77.5
% OF ACTUAL EBITDA 6.12% 32.11% 30.52% 30.97%
PROFORMA EBITDA 58,113
% OF PROFORMA EBITDA 29.34%
</Table>