MEC '07 losses total $113,000,000

[blackthroatedwind]

Whatever anyone may think of Stronach, this is very troubling news for the entire Thoroughbred industry, and could have serious repercussions in the future.

[Holland Hacker]

The REALLY scary part is that MEC believes that Gulfstream is having trouble (declining attendance, handle, etc) because people have to walk too far from the parking lots due to constructions. What about being a track that is no longer conducive to getting a horse to the Kentucky Derby via a "traditional" stretch out in distances of races (1 mile - 1 1/16 miles, 1 1/8 miles). Not to mention a lame condition book being written due to the lack of funds to support a good purse structure.

Does anyone at MEC know what it takes to run a race track, or has Mr. Stronach "excused" nearly all of the capable individuals because their opinions differed from his.

OK I'll step down from the soap box now.

[SentToStud]

Originally Posted by Holland Hacker

The REALLY scary part is that MEC believes that Gulfstream is having trouble (declining attendance, handle, etc) because people have to walk too far from the parking lots due to constructions. What about being a track that is no longer conducive to getting a horse to the Kentucky Derby via a "traditional" stretch out in distances of races (1 mile - 1 1/16 miles, 1 1/8 miles). Not to mention a lame condition book being written due to the lack of funds to support a good purse structure.

Does anyone at MEC know what it takes to run a race track, or has Mr. Stronach "excused" nearly all of the capable individuals because their opinions differed from his.

OK I'll step down from the soap box now.

I don't buy the part about Stronach ruining things by building a 9F track. What's gone now? A few n1 and n2x Allowances and one Graded race at 8.5F? I'd much rather see racing on a 1 1/8 track any day over a 1 mile track. And there is realy no comparing grass racing over a 1 mile track vs a 7/8.

It's also not as if GP is now irrelevant as far as prepping goes. Barbaro did ok prepping there. And last year, Street Sense didn't run at 3 until mid-March so the FL Derby was certainly not going to be on his schedule.

Also, it will be interesting to see how GPs 3 yo race in April draws.

As far as the construction, it is unbelieveably ridiculous. If you park on the west side of the track, you can either walk 1/3 mile or take a shuttle which is pretty nuts on days when there are 2,000 people there.

And you can't deny $113,000,000 isn't a lot of money. That buys a lot of strudel or cheescake.

[hoovesupsideyourhead]

live from the m.e.c boardroom
http://www.youtube.com/watch?v=5dbhNzOIfqU

not sure who is frank

[asudevil]

Originally Posted by blackthroatedwind

Whatever anyone may think of Stronach, this is very troubling news for the entire Thoroughbred industry, and could have serious repercussions in the future.

Absolutely! How enticing is a potential transaction after reading those numbers?? The salvation may be that it becomes a real estate play....But then the acquirer may not give a sh%t about the actual business...They may just be looking for a short term "flip." Very scary.....

[hoovesupsideyourhead]

well losing a few days at sa didnt help..but maybee an increase in purses would help at gs..go out with a bang.. the energy drink was a bust..he needs to get somebody with a brain..to fire him..

[SniperSB23]

Originally Posted by hoovesupsideyourhead

well losing a few days at sa didnt help..but maybee an increase in purses would help at gs..go out with a bang.. the energy drink was a bust..he needs to get somebody with a brain..to fire him..

Don't let Phil hear you say that. He's probably still working off the caffeine high from Donn weekend.

[Cannon Shell]

Originally Posted by blackthroatedwind

Whatever anyone may think of Stronach, this is very troubling news for the entire Thoroughbred industry, and could have serious repercussions in the future.

I have always maintained that when Frankie boy passes the Board will move quickly to liquidate all the assets of ME and dissolve the company. Maybe it will get tied up for a few years but I dont have much faith that his tracks will survive as racetracks.

[hoovesupsideyourhead]

get rid of woodbine for starters

[Cannon Shell]

Originally Posted by hoovesupsideyourhead

get rid of woodbine for starters

He doesnt own Woodbine. It makes money...

[hoovesupsideyourhead]

Originally Posted by Cannon Shell

He doesnt own Woodbine. It makes money...

golden gate..

[blackthroatedwind]

Originally Posted by Cannon Shell

He doesnt own Woodbine. It makes money...

Woodbine is also a great place. Best buffet at a racetrack in North America.

[jwkniska]

Originally Posted by blackthroatedwind

Woodbine is also a great place. Best buffet at a racetrack in North America.

I agree. Woodbine is a very good place to watch a race at.

[asudevil]

Originally Posted by blackthroatedwind

Woodbine is also a great place. Best buffet at a racetrack in North America.

Food is important.

[asudevil]

Originally Posted by blackthroatedwind

Woodbine is also a great place. Best buffet at a racetrack in North America.

Worst track buffet in N. America? Calder Turf Club. Complete swill....and the wait staff and hotesses stepped right out of a time machine from 1976.

[Cannon Shell]

Originally Posted by Cardus

MEC's board might choose to liquidate, but Santa Anita will continue to exist, and Gulfstream stands a chance to remain as a racing entity, also.

Of the others, Remington's slots could keep it in the racino business.

Why do you say this? Santa Anita will not continue to be a racetrack if it does not make money. There is no alternate form of revenue so who would step forward to buy it? If Magna entertainment gets out of the racetrack business who will buy it as a racetrack? And with the development on the property what racing entity could afford to purchase GP and keep it running? The board of Magna Int has already tried to shutdown ME in court but who stops them if Frank isnt around? His wife? I doubt she will go to the trouble.

[Pedigree Ann]

Originally Posted by Cannon Shell

Why do you say this? Santa Anita will not continue to be a racetrack if it does not make money. There is no alternate form of revenue so who would step forward to buy it? If Magna entertainment gets out of the racetrack business who will buy it as a racetrack? And with the development on the property what racing entity could afford to purchase GP and keep it running? The board of Magna Int has already tried to shutdown ME in court but who stops them if Frank isnt around? His wife? I doubt she will go to the trouble.

Santa Anita has been there for a long time (since 1935, and its earlier incarnation, from before 1900.) It is unlikely to be tossed onto the scrapheap without a fight, unlike minor tracks like GLD. And who says that SA is losing money? As indicated, MEC includes lots of smaller venues and ancillary businesses. But the biggest problem is poor management decisions, like the Sunshine Millions - all that money, diverted from other, open stakes races, to reward inferior horses? It is possible to run a racetrack profitably; buying a major MEC track at a discount because the previous management were idiots would be a smart move for, say, Churchill Downs' conglomerate.

[blackthroatedwind]

Originally Posted by Cannon Shell

Why do you say this? Santa Anita will not continue to be a racetrack if it does not make money. There is no alternate form of revenue so who would step forward to buy it? If Magna entertainment gets out of the racetrack business who will buy it as a racetrack? And with the development on the property what racing entity could afford to purchase GP and keep it running? The board of Magna Int has already tried to shutdown ME in court but who stops them if Frank isnt around? His wife? I doubt she will go to the trouble.

I may be wrong about this, but aren't their serious legal obstacles to making Santa Anita anything other than a racetrack? I believe this came up when Magna bought the track initially.

[Cannon Shell]

Originally Posted by Cardus

MEC's board might choose to liquidate, but Santa Anita will continue to exist, and Gulfstream stands a chance to remain as a racing entity, also.

Of the others, Remington's slots could keep it in the racino business.

From todays Bloodhorse article
MEC has classified Remington Park, Thistledown, Great Lakes Downs, and Portland Meadows as discontinued operations as of Dec. 31, 2007. All four tracks are for sale, as are former proposed racetrack properties in Dixon, Calif., and Ocala, Fla., among others

Originally Posted by Cannon Shell

From todays Bloodhorse article
MEC has classified Remington Park, Thistledown, Great Lakes Downs, and Portland Meadows as discontinued operations as of Dec. 31, 2007. All four tracks are for sale, as are former proposed racetrack properties in Dixon, Calif., and Ocala, Fla., among others

If Remington closes,
Retama might have a chance with the TB's.
Now if I could blow up Louisiana.

Please God. For the small guys...
Save us. I have no place to go.