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.
An ordinance has been adopted to regulate adult entertainment facilities as Arcadia faces the opening of a juice bar/alcohol free nude dancing club planned for 1580 Clark Street. A possible lawsuit was planned if the City denied the business from opening.
The Arcadia City Council voted to request an analysis of the initiative petition submitted by the citizens group Neighbors for Arcadia. The measure would keep the Santa Anita Park race track property zoned for horse racing unless Arcadia residents voted for a change.
Arcadia Downtown Street Market now on Saturdays, 5-9 PM. It is run by Green Leaf Events on First Avenue between Santa Clara Street and Huntington Drive.
At the Arcadia City Planning Commission meeting of June 13, City Manager Bill Kelly gave a brief overview of the Santa Anita Entertainment Center Project (SAEC).
At the City Planning Commission's General Plan Update meeting on April 29, 1996, an announcement was made that Santa Anita Realty had withdrawn its application for development of an entertainment center.
The California Horse Racing Board authorized Oak Tree Racing Association to have its traditional fall meet at another thoroughbred venue in Southern California since the association's use of Santa Anita Park is still uncertain. MI Developments, which is chaired by Frank Stronach, recently voided Oak Tree's contract after acquiring the race track from Stronach's Magna Entertainment Corp (MEC) through federal bankruptcy proceedings. Oak Tree's director Sherwood Chillingworth said, "If we can't make a deal with Santa Anita...we can take our dates and run them in Hollywood or Del Mar."
The citizens group Neighbors for Arcadia said Wednesday it will take the fight against Santa Anita Entertainment Center to voters with a ballot initiative.
Concerns about a proposed entertainment complex next to Santa Anita Park race track have been expressed by representatives of three stores in the Santa Anita Fashion Park.
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.
Dick Closson and Gail Jensen, co-chairs of Arcadia Tomorrow, addressed a recent City Council Meeting to express their support of the proposed Santa Anita Arts and Entertainment Center.
Dr. and Mrs. Robert Ellison hosted an open meeting in their home of a recently formed group called Neighbors for Arcadia. The group has met several times recently and was formed in a effort to unite residents in opposition to the proposed Santa Anita Entertainment Center.
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.
Golden Eyes, the controversial nude juice bar which calls itself an "upscale gentlemen's club," opened wednesday without fanfare in an industrial section of southeast Arcadia.