What you're missing, LoS, is that these days in Jump, making it past a year is actually a success. Sure, Magico never sold that well, nor did it ever have a great ToC ranking, but it did quite a few things right along the way. People thought Enigma was such a great series, but in the end, I believe Magico outsold Enigma, plus Enigma ended after only 56 chapters, which is nine fewer chapters than Magico had, not counting the 45 page ending chapter.
From that standpoint, Magico was actually somewhat of a success. Of course it had problems in execution, but promise was shown, and Iwamoto Naoki will definitely get another shot in Jump at some point.