Stronach Group Takes Over Racing Properties
Updated: Friday, July 1, 2011 9:01 AM
Posted: Thursday, June 30, 2011 8:59 PM
The Stronach Group has officially acquired the racing and gaming assets of MI Developments, a company once headed by Frank Stronach.
The reorganization of MID was approved by shareholders in late March. In the deal, Stronach acquired the company’s racetrack holdings, including Santa Anita Park and Golden Gate Fields in California; Laurel Park, Pimlico Race Course, and the Bowie Training Center in Maryland; Portland Meadows in Oregon; and Gulfstream Park and its associated retail development in Florida.
The Stronach Group also acquired the XpressBet.com advance deposit wagering service; AmTote totalizator company; and 50% of HRTV, the racing and equestrian network.
“The acquisition of MID’s racing and gaming assets positions The Stronach Group at the forefront of the Thoroughbred horse racing industry,” Belinda Stronach, the company’s president and chief executive officer, said in a statement. “We are fully committed to ensuring the success and profitability of our strong portfolio of racing and gaming operations. We also look forward to working with the horse racing industry and all of its stakeholders to ensure the long-term success and viability of the industry.”
In a release, The Stronach Group outlined its portfolio, which goes beyond gaming and racing. It also has holdings in Thoroughbred horse breeding, through Adena Springs; agriculture; electric vehicle technologies; and medical technologies. The company also owns a number of development properties and real estate assets in North America and Europe, and has a joint venture with Magna International Inc. on developing hybrid and electric vehicles.
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