MEC Looking To Sell Santa Anita, Lone Star Tracks To Relieve Debt
 |
MEC Hopes Selling Santa Anita, Lone Star, And
Three Minor Tracks Will Help Annul Bankruptcy |
Magna Entertainment Corp. (MEC) yesterday in court filings said that it "will seek to sell Santa Anita Park in California and the racing assets of Lone Stark Park in Texas in a bid to become solvent," according to Matt Hegarty of DAILY RACING FORM. The court filings indicated that MEC is "no longer considering an auction of many of its racing properties, including Gulfstream Park in Florida, Golden Gate Fields in Northern California, and Laurel Park and Pimlico Race Course in Maryland," though MEC's attorneys said that the company "will continue to consider private offers for the tracks." MEC is "hoping that an auction of Santa Anita and Lone Star -- along with three minor tracks it had been attempting to sell for several years -- will raise enough cash to retire some of its crippling debt and provide a way out of bankruptcy." Parties interested in bidding on any of the properties "would need to submit expressions of interest by May 27 and formal bids by July 31." The auction "would be held on Sept. 8 in New York." It is "unclear what price Santa Anita, Lone Star, and the other racetracks -- Remington Park in Oklahoma, Thistledown in Ohio, and Portland Meadows in Oregon could bring at auction." MEC purchased Santa Anita in '98 for $126M and Lone Star in '02 for about $100M, but the racing industry and the real-estate market have "undergone significant changes since then" (DRF.com, 5/4). Santa Anita President & CEO Ron Charles said the track is a "really prime piece of property," adding MEC will "expect, and I think they are going to get, a good price" (PASADENA STAR NEWS, 5/5).
|
Related Stories By Company
|
Related Stories By Sport
|
Magna Requests Auction Of Maryland Tracks
October 13, 2009 :
SportsBusiness Daily
Global Gaming Signs Remington Park Deal
August 14, 2009 :
SportsBusiness Daily
Preakness' Future In Maryland In Doubt
May 12, 2009 :
SportsBusiness Daily
Santa Anita Confident It Can Host Breeders' Cup
April 22, 2009 :
SportsBusiness Daily
Breeders' Cup Could Move To Churchill
April 21, 2009 :
SportsBusiness Daily
|
Churchill Downs Plans Six Night-Time Races
November 18, 2009 :
SportsBusiness Daily
CDI Has Deal To Acquire Youbet.com
November 12, 2009 :
SportsBusiness Daily
Laurel Park, Pimlico Dates, Purses Flat
November 11, 2009 :
SportsBusiness Daily
Breeders' Cup Sees Attendance Gain In L.A.
November 9, 2009 :
SportsBusiness Daily
Breeders' Cup Expects Attendance Bump
November 6, 2009 :
SportsBusiness Daily
|
|
