Representatives of the National Trust for Historic Preservation announced that Santa Anita Park race track has been named to their list of the country's most endangered historic places. Efforts mount to preserve Santa Anita's architectural integrity.
Magna Entertainment Corp. (MEC), owner of Santa Anita Park, has filed for Chapter 11 bankruptcy protection. Santa Anita Park may be sold to pay off Magna's debts. Frank Stronach paid $126 million for Santa Anita Park in 1996. The track has three potential buyers, including a group from Asia.
Santa Anita Park president Jack Liebau recently resigned because of disagreements with Magna Entertainment's Frank Stronach over the direction the track is headed.
Santa Anita Park's parent company, Magna Entertainment Corp., faces the threat of bankruptcy amid mounting losses and a $600 million debt burden. The current racing season and status are unaffected. Frank Stronach of Magna Entertainment Corp. said he was looking for partners for the track.
Since Magna Entertainment Corp., the owner of Santa Anita Park, has filed for Chapter 11 bankruptcy. The race track will be auctioned off in September. That land is zoned for horse racing. Jason Kruckeberg, Arcadia's Development Services Director, said it will remain as a race track.
Westfield Group has nominated Santa Anita Park to the National Register of Historic Places, claiming development plans by Caruso Affiliated constitute a threat to the racetrack. Magna Entertainment, owner of the race track, would have to agree to the track being placed on the register. However, placement on the list would not restrict development on the site.
Since he purchased Santa Anita Park in 1998, Frank Stronach has added five tracks to his stable and grouped them under a spin off company called Magna Entertainment Corp.
Santa Anita Park Race Track owner Frank Stronach has met with city officials about Arcadia's concerns with the track expansion plan and future sessions will be held. The concerns centered around plans to build new barns on the north side of the property, the internal connections between the track and Westfield Shopping mall traffic and people, and architectural compatibility with the track.
Santa Anita Park race track's CEO and President Ron Charles said Santa Anita Park race track will not be sold to help Magnum Entertainment Corporation eliminate a $600-million-plus debt. However, Santa Anita Park race track is entertaining discussions with Magnum Entertainment Corporation concerning potential partnerships or joint ventures on a minority interest basis. Includes a historical timeline.
Employees at Santa Anita Park fear bankruptcy of its parent company Magna Entertainment Corp (MEC). Chairman Frank Stronach said the horsemen would not have to worry about any of their monies. Paymaster accounts total $11 million at Santa Anita Park. The accounts contain money earmarked for winning owners, who must pay a percentage of those earnings to jockeys and trainers. Magna Entertainment Corp. has lost $500 million in the past 5 years.
With the winter-spring racing season less than three weeks old, Santa Anita Park has laid off parimutuel and other workers, and track owner Frank Stonach is being publically chastised for his leadership style.
Magna Entertainment Corporation, owners of Santa Anita Park race track, is bidding to purchase the September race dates at the Los Angeles County Fair for September 13-29. The Breeders Cup will be returning to Santa Anita Park next October after a gap of ten years.
Arcadia's officials, harboring "serious concerns" about a massive expansion plan for the Santa Anita Park property, want to meet with owner Frank Stronach. An artist's rendering of the proposal is included.
Developer Rick Caruso, whose stalled $500 million, 820,000 square feet retail project "The Shops at Santa Anita," is planned for Santa Anita Park's south parking lot, said he has "no control" over possible bankruptcy at the race track's parent company, Magna Entertainment Corp. (MEC). Caruso said he was still planning to go ahead with his mall and would "wait and see what happens and deal with it." Any reorganization at Magna Entertainment Corp. may delay the mall plans.
The Thoroughbred Racing Association of California is trying to put together a bid for Santa Anita Park, with plans to run it as a nonprofit arm of the Thoroughbred Owners of California. Santa Anita Park race track was to be auctioned this week but no acceptable opening bid was made.
Months of talks between Westfield Shopping Town Santa Anita and Santa Anita Park race track about building a shopping center seem to have fallen through.
Although Magna Entertainment Corp. (MEC) , the parent company of Santa Anita Park race track, filed for bankruptcy protection yesterday, the fate of the track's paymaster accounts remains uncertain. The bankruptcy judge could declare the $15 million, which was placed in the joint trust account, an asset of MEC and order it frozen.