As often said in financial markets, "past performance is no guarantee of future results". However, one can reasonably map possible outcomes for Santa Anita.
Take a few minutes to read the history of the Stronach Group from Wikipedia :
https://en.wikipedia.org/wiki/Stronach_Group
Five racetracks are still in play with Stronach - Santa Anita, Gulfstream, Golden Gate, Laurel, and Rosecroft (harness). Golden Gate is closing, Laurel is caught in the Pimlico ("donated" to the state of Maryland) redevelopment mess, and Santa Anita now enters the fight.
Personally, I do not think that this story is saber rattling. This is about the property's valuation and the ROI of those capital (cash and kind) assets.
The continuation of racing in NoCal could change the potential ROI calculation of the capital locked up in Santa Anita for the coming years. Without having access to that business plan, this is guessing at best. However, if the handle from NoCal does not transfer south, sale of the property becomes increasingly likely.
