Santa Anita Race Track

Santa Anita Race Track will be solely owned by Frank Stronach.
Canadian businessman Frank Stronach is stepping down as chairman of Magna International Inc. In exchange for surrendering controll of MI Developments, Stronach will receive Santa Anita and Golden Gate Fields in California; Gulfstream and an attached casino in Florida; the Palm Meadows training center in Florida; a 50 percent stake in Laurel Park and a 51 percent stake in The Jockey Club which runs and operates Laurel Park and Pimlico Race Course (home of the Preakness Stakes) in Maryland; Portland Meadows in Oregon; the XpressBet account-wagering company; the bet-processing company AmTote; and a half-share in the horserace broadcasting network HRTV.

The racing assets lost $76.7 million in eight months in 2010 while on the books of MI Development and its subsidiary, Magna Entertainment. (Magma Entertainment filed for Bankruptcy in 2009 with debts of $500 million  and was dissolved.) Source: The Daily Racing Form (Mar 29)

Before ownership of the track was transferred from  Magma Entertainment,  L.A. developer Rick Caruso wanted to buy the Arcadia track, where he planned to build another Grove-style mall - like the Americana - at Brand in Glendale) in its vast parking lot. Santa Anita occupies more than 300 acres when stables, parking and other facilities are included.

Stronach became one of Canada's richest people by creating Magna and building it into one of the world's largest auto parts suppliers. In October 2010,  Santa Anita Race track removed the controversial and not well liked  synthetic track that was installed after  the California Horse Racing issued a mandate in 2007 for all major tracks in the state to install synthetic surfaces. A year after the installation  Santa Anita removed its Cushion Track and replaced it with the Australia-based Pro-Ride surface. By 2009, the sport's most visible horse, the owner of 3-year-old filly Rachel Alexandra announced he would not be running the Breeder's Cup because he said he had no intention of "running on plastic."  The consensus was in. Further research showed that horses running on synthetic tracks received more hind-leg injuries than on dirt surfaces.

The track is likely to lose a lot more money this year. (Daily News) March 24, 2011 Wagering is down and injuries are up.

Stonach owned Santa Anita since 1998. He paid $126 million for it.

SANTA ANITA COVERAGE from The Daily Racing Form