metro
03-20-2009, 10:09 AM
Remington Park owners want to sell OKC racetrack
by Marie Price
The Journal Record March 20, 2009
OKLAHOMA CITY – The owners of Remington Park have asked a Delaware bankruptcy judge to approve procedures for an auction where bids would be solicited for sale of the Oklahoma City racetrack and several others, including Santa Anita in California and Pimlico in Maryland, plus other assets.
A hearing regarding the bidding procedures is scheduled April 3.Magna Entertainment Corp. and several associated companies filed for Chapter 11 bankruptcy protection March 5.
Scott Wells, Remington Park president and general manager, said the track will continue to function as it currently does.
“We have a strong business model in place which will not be substantially affected by an ownership change, if and when that occurs,” he said.
Remington Park set an opening-day attendance record for the quarter horse season earlier this month, and this weekend will host the richest running ever of the Oklahoma Futurity, Wells said.
“Later this season we will host our second million-dollar race,” Wells said. “Our future has never been brighter and we will continue to work to keep our growth at a healthy pace.”
In addition to several racetracks, the sale proposal includes Magna’s joint venture interests in Horse Racing TV, TrackNet Media, The Shops at Santa Anita and other properties.
Under the proposed bidding procedure, bids would be due by 5 p.m. July 8. If one or more qualified bids are received, the auction would take place July 30.
Earlier this week, Magna’s Audit Committee approved the company’s recording of a charge to income of about $136.8 million in 4Q 2008 related to asset write-downs.
According to a filing with the U.S. Securities and Exchange Commission, the write-downs included the Maryland Jockey Club; Golden Gate Fields in Berkley, Calif.; Lone Star Park in Grand Prairie, Texas; and The Meadows in Meadow Lands, Penn., all of which experienced lower average daily attendance and decreased wagering compared with prior years. Also included were Portland Meadows in Oregon and Magna Racino in Vienna, Austria, which discontinued operations last year.
Earlier this month Magna procured $62.5 million in debtor-in-possession financing to fund operations during the sales process.
In conjunction with the DIP financing, some of the debtor companies, some wholly owned non-debtor subsidiaries and MI Developments Inc. entered into a purchase agreement for the sale of Gulfstream Park in Hallandale, Fla., Golden Gate Fields and Lone Star Park, among other assets, through conveyance of common stock in certain Magna Entertainment subsidiaries and other interests, subject to submission of higher or better offers. The aggregate offer price for the assets involved is $195 million. The April 3 hearing will also cover this part of the case.
Effective March 16, Magna Entertainment was delisted from the Nasdaq stock market.
by Marie Price
The Journal Record March 20, 2009
OKLAHOMA CITY – The owners of Remington Park have asked a Delaware bankruptcy judge to approve procedures for an auction where bids would be solicited for sale of the Oklahoma City racetrack and several others, including Santa Anita in California and Pimlico in Maryland, plus other assets.
A hearing regarding the bidding procedures is scheduled April 3.Magna Entertainment Corp. and several associated companies filed for Chapter 11 bankruptcy protection March 5.
Scott Wells, Remington Park president and general manager, said the track will continue to function as it currently does.
“We have a strong business model in place which will not be substantially affected by an ownership change, if and when that occurs,” he said.
Remington Park set an opening-day attendance record for the quarter horse season earlier this month, and this weekend will host the richest running ever of the Oklahoma Futurity, Wells said.
“Later this season we will host our second million-dollar race,” Wells said. “Our future has never been brighter and we will continue to work to keep our growth at a healthy pace.”
In addition to several racetracks, the sale proposal includes Magna’s joint venture interests in Horse Racing TV, TrackNet Media, The Shops at Santa Anita and other properties.
Under the proposed bidding procedure, bids would be due by 5 p.m. July 8. If one or more qualified bids are received, the auction would take place July 30.
Earlier this week, Magna’s Audit Committee approved the company’s recording of a charge to income of about $136.8 million in 4Q 2008 related to asset write-downs.
According to a filing with the U.S. Securities and Exchange Commission, the write-downs included the Maryland Jockey Club; Golden Gate Fields in Berkley, Calif.; Lone Star Park in Grand Prairie, Texas; and The Meadows in Meadow Lands, Penn., all of which experienced lower average daily attendance and decreased wagering compared with prior years. Also included were Portland Meadows in Oregon and Magna Racino in Vienna, Austria, which discontinued operations last year.
Earlier this month Magna procured $62.5 million in debtor-in-possession financing to fund operations during the sales process.
In conjunction with the DIP financing, some of the debtor companies, some wholly owned non-debtor subsidiaries and MI Developments Inc. entered into a purchase agreement for the sale of Gulfstream Park in Hallandale, Fla., Golden Gate Fields and Lone Star Park, among other assets, through conveyance of common stock in certain Magna Entertainment subsidiaries and other interests, subject to submission of higher or better offers. The aggregate offer price for the assets involved is $195 million. The April 3 hearing will also cover this part of the case.
Effective March 16, Magna Entertainment was delisted from the Nasdaq stock market.