Magna is pushing for a second quarter closing on the five-year-old race track that has been a highly successful track and pari-mutuel betting facility for its owners. More than six million people, placing in excess of $1.2 billion in bets, have been logged at the track since its ribbon cutting April 17, 1997.
Magna chairman Frank Stronach says management and staff will stay in place, but Lone Star Park chairman Bob Kaminski will step down once the deal is done. Kaminski, who will remain on board as a consultant, says there will be no changes evident to the racetrack goers.
The park had a daily attendance of 8,892 during the 2001 Thoroughbred season, racking up $1.2 million each day in bets. Grand Prairie Mayor Charles England believes Magna's take-over will "keep the momentum going forward" that has been established by the developer's management team. The park has been tapped to host the Breeders' Cup World Thoroughbred Championships in 2005.
The agreement will give Magna all racing assets of developer and operator Lone Star Race Park Ltd. The partnership retains a portion of the non-racing assets. The Grand Prairie Sports Facilities Development Corp., a seven-member board, and the city oversee the use of tax proceeds that financed up to $65 million for the park's development. The sports development entity in essence acts as the park's landlord and had leased the facility to operator Lone Star Race Park Ltd.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.