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.
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.
Preservationists are protesting the remodeling at the Santa Anita Park race track. The Los Angeles Conservancy opposes the twin elevator towers and other plans under development.
Santa Anita Park has been purchased by Frank Stronach for $126 million through MI Development, the real estate, entertainment unit of Magna International Inc., Canada's largest auto-parts manufacturer, of which Stronach is chairman.
The current phase of plans for the Santa Anita Park race track include a 1,200-seat restaurant, retrofitting to today's seismic standards, bringing the facility into compliance with ADA, and a terraced concrete apron in front of the grandstands.
Andrea Sanchez, 40, and her daughter Olivia, 24, filed a civil lawsuit, claiming they suffered sexual harassment and were asked for sex in exchange for more working hours at the Santa Anita Park race track.
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.
Santa Anita Companies have submitted a down-scaled entertainment complex with the new proposal for developing the South parking lot of the Santa Anita Park race track property.
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.
The Santa Anita Park race track will be allowed to work round-the-clock on the renovations to be completed before the beginning of Oak Tree on September 29th.
Meditrust will be selling Santa Anita Park race track at a lower price than the $400 million purchase price about a year ago. Due to laws changing in July, tax advantages are no longer available.
Gov. Pete Wilson has signed a tax cut bill that cuts in half the amount of taxes race tracks pay on daily wagering. The news was greeted with enthusiasm at Santa Anita Park.