Starting this spring, the new owner of Santa Anita Park, Frank Stronach, is planning the first of what will likely be massive renovations to the horse racing facility.
Multibillion dollar businessman and horse owner, Frank Stronach, has signed a letter of intent for his auto systems company, Magna International Inc., to buy Santa Anita Park
Santa Anita Park race track sold to Frank Stronach, a Canadian billionaire businessman and horse owner. The property is valuable to the city for sales tax reasons.
International businessman and horse owner Frank Stronach confirmed Tuesday that he and Meditrust, the parent company of Santa Anita Park, have signed a letter of intent under which he will buy the race track.
City officials met with new Santa Anita Park owner Frank Stronach to discuss his plans for the race track. He wants to build a retail and entertainment village and an interactive horse racing theme park.
The Santa Anita Companies are disposing of non-core real estate assets as part of a long-term program which they say will improve cash flow and net income.
Canadian industrialist Frank Stronach bought Santa Anita Park for $126 million in cash Friday, and said he will share plans with the city later this month to spend roughly half that amount on improvements.
Western Saddlery is a tack shop in Arcadia that has serviced the behind-the-scenes needs of Santa Anita Park's horse trainers, owners and jockeys for more than 40 years.
The Arcadia City Planning Commission voted 6-0 to reject the zoning change for the Santa Anita Park property from "horse racing uses" to "commercial/entertainment," saying it could not approve any changes until it sees a specific proposal.
Officials at Santa Anita Companies announced Monday that they have sealed a deal to finance the construction and, if the law changes, become the majority owner in the proposed Irwindale Palace Casino.
Santa Anita Park will undergo major renovations after the racing season closes this month. The track's new owner will be tearing out part of the grandstand to construct luxury boxes and a new dining area.
The Arcadia City Council voted to request an analysis of the initiative petition submitted by the citizens group Neighbors for Arcadia. The measure would keep the Santa Anita Park race track property zoned for horse racing unless Arcadia residents voted for a change.