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.
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.
Santa Anita Park race track president Ron Charles discusses drainage problems in the Cushion Track and promises that opening day will go on as scheduled.
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 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.
Magna Entertainment Corp, owner of Santa Anita Park, is the plaintiff in a lawsuit filed against the State of California. The lawsuit alleges that the compacts between Governor Schwarzenegger and five Indian tribes is illegal.
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.
Santa Anita Park president Ron Charles has announced it will continue to race on its Cushion Track this season. It will undergo some reformulation with polymer and fibers produced by Pro-Ride, an Australian company, so that it will drain properly.
The movie Seabiscuit concludes filming at Santa Anita Park race track this week. A photo shows Arcadia Mayor Gail Marshall, with Arlene Marshall, Ron Kourg and Carl Cobb.
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.
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.
Racing improprieties and cheating alleged at Santa Anita Park. "Sponging" speculations are causing an increase in security policies at Santa Anita Park. Fist-sized sponges have been allegedly placed in horses' nostrils to impede their breathing capabilities, and thus, their chances of winning.
More than $1.2 million was bet across the state in the first 11 days that computer and telephone betting was approved in this state. It is known as account wagering. There is no way of telling yet if this is affecting attendance and live betting at Santa Anita Park. Two providers of online betting, XpressBet and TV Games, where approved by the California Horse Racing Board. Xpress Bet is owned by Magna Corp., which owns Santa Anita Park.
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.
Santa Anita Park cancelled horse racing Monday for the third consecutive day after 7-1/2-inches of rain fell on its Cushion Track, creating drainage problems.
Santa Anita Park has come up with two options to solve its drainage issues caused by the Cushion Track. Santa Anita Park president Ron Charles will announce his decision Thursday. Santa Anita had to cancel three consecutive days of horse racing for the first time in its 71-year history, due to heavy rainfall.
Profile and biography of jockey George Woolf, also known as Iceman. Woolf rode race horse Seabiscuit to fame in 1938. He died in 1946. There is a statue in his memory at Santa Anita Park.