MEC '07 losses total $113,000,000

[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.

[Kasept]

Originally Posted by blackthroatedwind

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.

Not necessarily wide legal obstacles, but certainly some local zoning and land use issues... As usual, Stronach ran afoul of such immediately upon taking over at Arcadia.

From The Conservancy's fine website.. ( http://www.laconservancy.org/index.php4 )

"" The Los Angeles Conservancy has worked to preserve the historic Santa Anita Racetrack since 1999, when owner Frank Stronach erected large elevator towers that dramatically altered the racetrack’s façade, as well as a new restaurant in the historic grandstand, without submitting the project for appropriate public review. Most recently, the Conservancy responded to a Draft Environmental Impact Report (DEIR) on developer Rick Caruso’s proposed retail/entertainment project at the property’s south parking lot.

In addition to its architectural significance, shaped by noted architect Gordon Kaufmann, and its associations with racing history, Santa Anita was the largest Assembly Center for the Japanese-American internment in World War II. About 20,000 Japanese-Americans lived at the racetrack during 1942, in temporary housing in the stable area and in barracks constructed on the site’s parking lot. The racetrack was determined eligible for listing in the National Register of Historic Places in 2006.

In April 2007, the Arcadia City Council approved a plan to develop a 830,000-square-foot commercial, retail, and office project on the south parking lot of the racetrack. The Conservancy is particularly concerned about the potential demolition of the property’s 1938 Saddling Barn and South Ticket Gate. The Conservancy has asked developer Caruso to examine alternatives to this plan, as well as ways to reverse the inappropriate 1999 elevator tower additions. ""

http://www.laconservancy.org/issues/...ist.php4#santa

[Danzig]

some excerpts from a story at washington post:


"..... and reported in its financial statement that its "ability to continue as a going concern is in substantial doubt "


Magna, which also lost $288.3 million between 2004 and 2006, is carrying long-term debt of $879.9 million with $209.4 million of that debt due this year. (my bold)


Maryland Racing Commission Chairman John Franzone has called on Magna to detail its finances at the commission's upcoming meeting March 18.


Magna's stock fell 9 cents yesterday, with a closing value of 79 cents per share. On Feb. 14, NASDAQ warned the company its stock would be delisted if the share value didn't rise above $1 by this summer.

Every quarter, [Magna says,] 'We're going to sell assets and reduce debt,' and nothing ever happens."


http://www.washingtonpost.com/wp-dyn...022903925.html

that's the link to the story. much as magna seems to be fodder for jokes, this is a very, very serious issue. i'm not sure at this point that magna can escape bankruptcy, with that much debt due. where in the world can they get financing? and the more serious issue, how do they come up with a plan to get out of bankruptcy if that's the way they end up going. i don't think that slots, even if they pass in MD, will come soon enough to fix this problem. it is a HUGE problem, and has been staring frank in the face for years, seemingly with him only using a 'deer in the headlights' approach to solving these problems.

[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.

[cmorioles]

Seems odd they would sell Remington. I thought slots were doing very well there.

[Cannon Shell]

Originally Posted by cmorioles

Seems odd they would sell Remington. I thought slots were doing very well there.

Seems to be alot going at Remington for a "discontinued" operation.

[cmorioles]

Come to think of it, Portland has been running all year too.

[Riot]

Originally Posted by Cannon Shell

Seems to be alot going at Remington for a "discontinued" operation.

Perhaps it's only "discontinued" for accounting purposes ...

[Oaklawnfan]

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.

Remington came back from near death, thanks to the racino. The industry in Oklahoma is on the upswing. Hopefully this won't blow it up.

[freddymo]

Originally Posted by Oaklawnfan

Remington came back from near death, thanks to the racino. The industry in Oklahoma is on the upswing. Hopefully this won't blow it up.

It has to blow up people are losing millions

[infield_line]

I'm sure that tracks are not easy places to run, lots of labor required, limited operating seasons, and constant need for capital to keep the places from falling to ruin, but they are great places to spend time as any of us understands. Why can't more tracks take a lesson from Santa Anita that works hard to draw in new fans, younger fans, and offers other reasons to come to the track and hang around for music...

Tracks should do everything they can to give the casual racegoer more capping and wagering skills. Not something you can learn from a 3 x 5 card, but they could give out key tips on tried and true angles, where to find trainer/jockey stats in the PP's. Trust me lots of folks don't know how to make up from down in the PP's. One good pop and a lot of people would get the bug and find their way on-line

I/L