Local News says Ellis Park is closing after this year....

[bucsfan67]

Local news reports that the owner is saying this will be the last live meet for Ellis Park...the track that has been here for a major part of the last century....we will have a shortened meet this summer, and then thats it he says....

But he tried this last year, but managed to stay open, but he says they are being hurt too much by other tracks that have slots and gambling on the property...Kentucky doesnt allow it yet....maybe this is a power play to try and get it approved.......they also stated that Kentucky Downs and Turfway Park are struggling for the same reasons...

I guess Churchill and Keeneland are big enough they have been able to ride the recession so far..

 

[OAKAS]

Man, that is sad news, bucs.

I have had pretty good success at that track. The OTB that I go to has always carried them.

 

[bucsfan67]

yeah, its a nice little track, and has some decent horses run as well...purses had slowly gotten better, and more competitive, and we have a long history here...sure hope something can be done...its tradition...

 

[JakeT.]

Track here in Boise is trying hard to get a season together but looking like it might not happen.

 

[Objection]

the owner at Ellis really was a friend of the player and tried to do what he could to keep the players happy

 

[BadCo]

ORSE RACING Canadian owner of Santa Anita racetrack files for Chapter 11

Email Picture

Norm Betts/ Bloomberg News​

Chairman Frank Stronach said that Magna Entertainment Corp. would sell Santa Anita Park and other horse racing venues "if the price is right."


[COLOR=#333333 ! important]Magna Entertainment files for bankruptcy protection after defaulting on conditions of a bank loan. The company may be forced to sell its storied venues including Pimlico, home of the Preakness Stakes.[/COLOR]
[COLOR=#999999 ! important]By Hanah Cho and Roger Vincent
March 6, 2009 [/COLOR]
Reporting from Los Angeles and Baltimore -- Magna Entertainment Corp., the troubled owner of Santa Anita Park in Arcadia and six other major thoroughbred horse racing venues, filed for bankruptcy protection Thursday after defaulting on conditions of a bank loan.

The move puts pressure on the Canadian company to sell its storied racetracks, which also include Pimlico Race Course in Baltimore, home of the Preakness Stakes.


<style> .ExternalClass #EC_sponsored1 {border:1px solid #E5E6DA;margin-bottom:10px;padding:2px 10px 10px;font-family:Arial, Helvetica, sans-serif;font-size:12px;} .ExternalClass #EC_sponsored1 .EC_header-sect {background:#FFFFFF none repeat scroll 0%;text-align:center;top:-12px;left:52px;width:108px;} .ExternalClass #EC_sponsored1 .EC_header-sect a {color:#818181;font-size:10px;font-weight:bold;text-transform:uppercase;font-family:Verdana, Helvetica, sans-serif;} .ExternalClass #EC_sponsored1 a:link {color:#818181;text-decoration:none;} .ExternalClass #EC_sponsored1 a:visited {color:#818181;text-decoration:none;} .ExternalClass #EC_sponsored1 a:hover {color:#818181;text-decoration:underline;} .ExternalClass #EC_sponsored1 a:active {color:#818181;text-decoration:none;} .ExternalClass #EC_sponsored1 .EC_ad-link {font-weight:bold;} .ExternalClass #EC_sponsored1 p {;} .ExternalClass #EC_sponsored1 p.EC_titulo {;} .ExternalClass #EC_sponsored1 .EC_link a {font-size:10px;color:#999999 !important;} .ExternalClass #EC_sponsored1 .EC_titulo a {color:#007AAA;} .ExternalClass EC_// #EC_googleads {padding-bottom:8px;border-bottom:1px solid #CCCCCC;} </style>



Magna's financial problems are long-standing. Interest in the sport of kings has been dwindling for decades as gamblers turned more to Las Vegas, Indian casinos and other entertainment, and attendance fell. In 2007, Magna said it would explore selling Santa Anita.

Chief Executive Frank Stronach confirmed Thursday that Magna would sell Santa Anita and other parks, "if the price is right." Santa Anita's current racing season ends April 19.

Magna has lost $638 million since 2002. Besides dwindling attendance and gambling, some critics say, mismanagement and bad timing have played a part in Magna's financial struggles.


Stronach, one of the top breeders and owners in thoroughbred racing, built his empire by buying racetracks at top prices and spending hundreds of millions on projects that did not meet expectations.

Magna said its day-to-day operations at its tracks would continue while it sought to sell assets and restructure. It plans to borrow up to $62.5 million from its largest shareholder, MI Developments Inc., to fund operations while in bankruptcy. It also will get $44 million in cash by selling many of its properties to MID, including AmTote International Inc., the company that pioneered electronic bet processing systems.

Magna will be required to hold a bankruptcy court auction for those assets, and other bidders could top MID. But the investor also would cancel much of Magna's debt to it, valuing its bid at $195 million.

The deal with MID does not include Pimlico or Santa Anita, where movie stars once joined the masses to watch such champions as Seabiscuit, Affirmed and Spectacular Bid. Magna paid $126 million for Santa Anita in 1998 and invested millions more in improving the complex.

"Frank Stronach is convinced they are going to come through this, get the company restructured and move forward," said Rick Caruso, a Los Angeles developer who has a joint venture deal with Magna to build a shopping mall adjacent to Santa Anita. "Nothing is changing from our end."

If Santa Anita were to be sold, new owners would have to maintain it as a racetrack even though it's not as prosperous as it used to be, Arcadia City Manger Don Penman said.

The city gets one-third of 1% of the total amount of money customers bet on races. In the late 1980s, Arcadia received about $2.5 million a year, but the total is expected to fall to $1.1 million this year, he said.

Magna listed assets of $1.05 billion and liabilities of $959 million in U.S. Bankruptcy Court in Delaware.

hanah.cho@baltsun.com

roger.vincent@latimes.com

 

[WharfRat+]

Honestly there are too many tracks right now anyways.

Hopefully half of Magnas tracks close up and a handful of others. THen cut down on the breeding side and you may see a turnaround.

 

[bucsfan67]

reported today that Ron Geary, owner/manager of Ellis Park, has reconsidered, and applied for racing dates for summer of 2010.....they cant say how many (its confidential), but he has decided to go ahead and try, based on the fact that on track attendence and handle were both up over 10% this summer.....

i think he is still hoping that KY legislature will reconsider, and allow slots at the tracks...he knows he'll have a goldmine then.....but just glad that for now, we are still alive, and the track wont be torn down..

 

[OAKAS]

reported today that Ron Geary, owner/manager of Ellis Park, has reconsidered, and applied for racing dates for summer of 2010.....they cant say how many (its confidential), but he has decided to go ahead and try, based on the fact that on track attendence and handle were both up over 10% this summer.....

i think he is still hoping that KY legislature will reconsider, and allow slots at the tracks...he knows he'll have a goldmine then.....but just glad that for now, we are still alive, and the track wont be torn down..

That's great news, bucs.

That is what happened here in Iowa. Prairie Meadows in Des Moines was going to fold, but they got the machines and doing very well right now.

I don't know if you follow greyhound racing, but the PETA people are shutting down the tracks left and right. Colorado which had a least 5 tracks does not have any now. Both the Massachusett's tracks are closing at the end of the year.

Paramutual racing is fading fast.

 

[tanner12oz]

the owner at Ellis really was a friend of the player and tried to do what he could to keep the players happy

i wanna say there was a pick 4 promo where the takeout was something like 3% which is great. almost sure it was ellis