The City Council reviews changes that would allow Santa Anita Park race track to operate the Frontrunner Restaurant and big screen TV year around and to allow for satellite TV wagering until 1:30 a.m. seven days a week.
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.
Santa Anita Park president Jack Liebau recently resigned because of disagreements with Magna Entertainment's Frank Stronach over the direction the track is headed.
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.
Santa Anita Park was named last week to a list of "America's 11 Most Endangered Places" because of owner Frank Stronach's plans to create a retail-entertainment center in the historic race track.
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.
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.
Magna Entertainment Corporation, owners of Santa Anita Park race track, is bidding to purchase the September race dates at the Los Angeles County Fair for September 13-29. The Breeders Cup will be returning to Santa Anita Park next October after a gap of ten years.
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.
Innovations were unveiled at the opening day of Santa Anita Park. There is a new horseshoe - shaped bar and the SIRONA restaurant overlooking the paddock plus a new entertainment area and two grills now under construction. A list of people seen in the crowd is included.
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.
The Breeders' Cup will be raced at Santa Anita Park on November 6-7, 2009. It will be its second consecutive year and fifth time overall held at Santa Anita Park.
Residents voice concerns over the Santa Anita Park race track parking lot development of an outdoor mall to include retail, commercial and apartment space. Residents worry about how the quality of life in Arcadia will be affected. A draft of the environmental report should be ready by late June.
The Arcadia City Council unanimously approved a proposal to allow Santa Anita Park to broadcast televised horse races and other events indoors until 1:30 AM.
Arcadia Planning Commission voted to support the Rancho Santa Anita Homeowners Association's Architecture Review Board (ARB) in its decision to reject changes in Ibraham Irawan's home under construction at 821 San Vicente Road.