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.
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.
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.
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.
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.
Bankrupt Santa Anita Park race track will not go on the auction block Tuesday as planned because no acceptable opening bid has been offered. The sale of the track has been postponed. The track has court-sanctioned access to operating funds at least until the first quarter of next year.
Drainage problems with the Cushion Track cause the cancellation of races. Santa Anita Park race track executives weigh options including shutting down and moving races to Hollywood Park, or installing a completely new surface.
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.
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.