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 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.
Lava Man, with exercise rider Tony Romero, takes a jog on the Santa Anita Park race track's new surface, a Cushion Track that cost more than $10 million.
Santa Anita Park officials blamed February's rain for a 12.8 percent drop in average daily attendance at Santa Anita Park, but were heartened because the total money bet on and off track soared to a record of more than $1 billion.
5,133 attended the first day of inter-track wagering at Santa Anita Park where wagering was offered on racing at Del Mar. $1,069,980 was wagered on the simulcast races. Santa Anita Park is one of 10 off-track wagering satellites.
Santa Anita Park kicks off racing season with new events and Hollywood tie-in to HBO television series "Luck." There is a new Luck Lounge and a new Kids Zone.
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.
At least 300 tons of sand were added to the new all-dirt main track at Santa Anita Park, to correct the imbalance of sand to clay after 14.5 inches of rain fell over a 10-day period.
Santa Anita Park saves historic "100 to 1 Club" sign from the demolished bar of that name and refurbishes it for a new 100-to-1 Club at Santa Anita Park racetrack.
Last year it seemed Santa Anita Park might be sold in a bankruptcy auction, but it appears owner Frank Stronach will keep an interest in the track. Under a deal arranged by Stronach's bankrupt Magna Entertainment Corp. (MEC) and its creditors in a Delaware bankruptcy court, ownership of the track would be transferred to MI Development, a real estate holding company controlled by Stronach. If a judge accepts the plan, Stronach would also retain ownership of Golden Gate Fields in the Bay Area, and Gulfstream Park in Florida. Also, it sets up developer Rick Caruso to proceed with building the Shops at Santa Anita mall that is proposed for the track's parking lot.