Newport Beach real estate developer Don Koll and Leon Black of New York-based Apollo Real Estate Advisors have made an unsolicited offer to invest approximately $180 million in Arcadia-based Santa Anita Cos.
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.
Officials with the Santa Anita Companies, owners of the race track and Santa Anita Fashion Park, have filed a formal application with the City of Arcadia to build a new 100-acre entertainment center on its property.
The Santa Anita Companies and Meditrust, the nation's largest health-care real estate investment trust, have completed a $383 million deal to merge the two companies.
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.
The Santa Anita Companies was dealt a blow when the State Assembly Appropriations Committee shot down two key bills that would have allowed Santa Anita to begin expansion into the casino industry.
The Santa Anita Cos., Monday reaffirmed its commitment to the previously announced strategic alliance with Colony Capital and its affiliates, saying that a rival bid by Newport Beach based Koll Arcadia Investors was "incomplete."
Two bidders that had been attempting to take over Santa Anita Companies announced that they are joining forces. If the deal goes through, Koll Arcadia Investors and Colony Capital Inc., would own approximately 70% of Santa Anita's stock.