Stronach and Parx

[lamboguy]

i am hearing that they are either trying to buy or lease the race track. its probably the best time ever to invest in the racing industry because so many people tell me the game is completely dead.

[mannyberrios]

i am hearing that they are either trying to buy or lease the race track. its probably the best time ever to invest in the racing industry because so many people tell me the game is completely dead.
I also heard that. Hope it's true

[Stillriledup]

That's all we need another track owned by mr put the horsemen first (while looking the other way).

[burnsy]

I would not say racing is dead. I would say there are symptoms of illness and under performance. Ignore that over time and death could be a result.........or a slow "crippling affect." People love to talk "extremes" but most cases in life are subtleties. That's not confined to horse racing either.

[castaway01]

I realize this thread is all speculation, no substance, so I'll speculate too. The wisdom of this investment would come down to whether the state of PA is going to take away more and more casino revenue from racing purses, and if this deal only involves the racetrack and not the casino. If Frank is only buying the racetrack and the trend continues where less and less casino revenue goes to purses, he might as well take his money and light it on fire. Parx's foreign owners have long used the track as a tax writeoff, and it had an ahead-of-its-time simulcast network once, but the days of full-card simulcasting being rare ended long ago.

Also, Frank is 83. There will come a day when all these properties he's accumulated will need to be dispersed. Other than those tied to casinos, I wonder what the market will be for the rest?

[SuperPickle]

Also, Frank is 83. There will come a day when all these properties he's accumulated will need to be dispersed. Other than those tied to casinos, I wonder what the market will be for the rest?

This is the 400lb gorilla in the room. What happens when he dies.

I can't imagine racing continues at Golden Gate. That land might be worth a billion dollars. It's got to be one of the largest pieces of developmental land in the Bay Area. You could easily put 500 condos there at $1-2 million each.

As far as Santa Anita there was a proposal as recent as 2006 to develop it. I'm not sure what the legal issues are that could save it but there's a real possibility California racing goes away after he dies. So would probably Portland Meadows.

Like Frank or not the day he dies its bad for racing.

[EMD4ME]

This is the 400lb gorilla in the room. What happens when he dies.

I can't imagine racing continues at Golden Gate. That land might be worth a billion dollars. It's got to be one of the largest pieces of developmental land in the Bay Area. You could easily put 500 condos there at $1-2 million each.

As far as Santa Anita there was a proposal as recent as 2006 to develop it. I'm not sure what the legal issues are that could save it but there's a real possibility California racing goes away after he dies. So would probably Portland Meadows.

Like Frank or not the day he dies its bad for racing.

Sadly, you are right.

If he is smart, he will list his wishes (save the tracks) in his Trust.

[PaceAdvantage]

Sadly, you are right.

If he is smart, he will list his wishes (save the tracks) in his Trust.I'm sure all this has been thought out and planned out far in advance...what do you guys think you're dealing with here? Some family run corner smoke shop?

The man's worth a ton...

[lamboguy]

Santa Anita is not going anywhere anytime. that town will never give a permit for anything other than a race track. i actually knew the guy that owned Santa Anita before Frank. the guy was on the fortune 400 before he bought the place and went broke. Santa Anita was a peared share reit. meaning the guy that owned Santa Anita could buy other properties under that umbrella and escape paying certain taxes. he went and bought La Quita Inns, 2000 nursing homes, and about a dozen golf courses. President Clinton decided to change the godfathered in clause of peared share reit's and the guy proceeded to go broke.

[castaway01]

I'm sure all this has been thought out and planned out far in advance...what do you guys think you're dealing with here? Some family run corner smoke shop?

The man's worth a ton...

It's not that, it's that he's virtually the only person willing to pour money into racetracks that don't have a casino license attached. Not saying he didn't want casinos because obviously he fought for them everywhere too, but he also put money into racing for its own sake. Even though I think he burned a lot of money and made bad decisions that didn't consider history, when he's gone racing loses one of its big financial backers.

[Shemp Howard]

Parx recently closed it's Center City Philadelphia Turf Club, maybe cleaning up the whole operation for a sale?

[Bigadam119]

I can not see them selling the casino, it makes way too much money. The current owners are also opening another casino in south Philly near the stadiums. They may let the Stronach group lease the racing portion, but there is no way they give up that casino.

[onefast99]

Parx recently closed it's Center City Philadelphia Turf Club, maybe cleaning up the whole operation for a sale?I don't think the two are connected. The NJ OTWs have taken a lot of business away from the turf clubs as is the internet based wagering.

[thespaah]

This is the 400lb gorilla in the room. What happens when he dies.

I can't imagine racing continues at Golden Gate. That land might be worth a billion dollars. It's got to be one of the largest pieces of developmental land in the Bay Area. You could easily put 500 condos there at $1-2 million each.

As far as Santa Anita there was a proposal as recent as 2006 to develop it. I'm not sure what the legal issues are that could save it but there's a real possibility California racing goes away after he dies. So would probably Portland Meadows.

Like Frank or not the day he dies its bad for racing.
Despite it recent resurgence, I'd say Maryland racing takes in the shorts as well.
With the confiscatory taxation of estates in this country, even if Stronach has heirs, they will have to sell off a bunch of property just to pay those douche bags in Washington.

[SuperPickle]

Santa Anita is not going anywhere anytime. that town will never give a permit for anything other than a race track. i actually knew the guy that owned Santa Anita before Frank. the guy was on the fortune 400 before he bought the place and went broke. Santa Anita was a peared share reit. meaning the guy that owned Santa Anita could buy other properties under that umbrella and escape paying certain taxes. he went and bought La Quita Inns, 2000 nursing homes, and about a dozen golf courses. President Clinton decided to change the godfathered in clause of peared share reit's and the guy proceeded to go broke.

I want to believe that. I want to believe that unlike with Hollywood Park the property owners in Arcadia are mostly rich and would reject any zoning change.

However I'll leave you with a terrifying counterpoint. Both the tracks Stronach didn't own in California (Hollywood and Bay Meadows) were sold off to developers.

Saying it can't happen to me just creates the type of compliancy that would allow it to happen.