 | |
| Company type | Private |
|---|---|
| Industry | Horse racetracks |
| Headquarters | , |
Key people | Belinda Stronach |
| Website | www |
Stronach Group, doing business as 1/ST, is an entertainment and real estate company in North America with Thoroughbred horse racing and pari-mutuel wagering at the core. [1]
The Stronach Group entered the horse racing industry by purchasing Magna Entertainment Corporation's former holdings from MI Developments. [2] In January 2020, the company announced a rebranding to the 1/ST banner for all consumer-facing operations. [3]
Magna Entertainment Corporation (MEC) was created in 1999 by parent company Magna International Inc. Magna International, a major automotive supplier based in Ontario, Canada, underwent a corporate reorganization in which its non-automotive businesses and interests were transferred to MEC. In March 2000, Magna International distributed shares in its new division to its current stockholders, establishing MEC as a separate public company. [4] Magna Entertainment filed for Chapter 11 bankruptcy.
Stronach Group currently owns or manages racetracks in North America, including many thoroughbred tracks and two mixed (thoroughbred and standardbred) tracks. Stronach Group also operates the simulcasting venues at these tracks, as well as OTB (Off-track betting) facilities.
Other ventures include Xpressbet, a wagering business that allows customers to wager on over 100 horse racing tracks via internet or telephone
Stronach Group also owns thoroughbred training facilities in conjunction with its racetracks in California, Florida, and Maryland, and owns and operates facilities that manufacture a straw-based bedding product, StreuFex. [1]
In 2004, voters in Oklahoma approved legislation that allowed Stronach Group to add slot machines at Remington Park racetrack in Oklahoma City. Remington Park opened its casino, featuring 650 Class II gaming machines, in November 2005. [5] Gulfstream Park in Hallandale Beach, Florida, followed suit in November 2006, with 516 slot machines and poker. [6]
In 2006, under what was Magna Entertainment Corporation completed its purchase of AmTote International, who provide totalizator services to the horse racing industry. On March 23, 2010 an agreement was reached to sell the two Maryland Jockey Club tracks (Pimlico and Laurel Park) from Magna Entertainment Corporation to its parent company MI Developments. MI Developments received the tracks from M.E.C. in exchange for paying $25 million in cash for claims to Maryland Jockey Club creditors and $89 million to other creditors through a new reorganization plan. The U.S. Bankruptcy Court in Delaware, had until April 30 to approve Magna's reorganization plan.
Stronach Group owns the following tracks in order of acquisition date: [7]
Frank Stronach is an Austrian and Canadian billionaire businessman and politician.
Pimlico Race Course is a thoroughbred horse racetrack in Baltimore, Maryland, most famous for hosting the Preakness Stakes. Its name is derived from the 1660s when English settlers named the area where the facility currently stands in honor of Olde Ben Pimlico's Tavern in London. The racetrack is nicknamed "Old Hilltop" after a small rise in the infield that became a favorite gathering place for thoroughbred trainers and race enthusiasts. It is currently owned by the Stronach Group.
A racino is a combined race track and casino. In some cases, the gambling is limited to slot machines, but many locations are beginning to include table games such as blackjack, poker, and roulette.
Turfway Park is an American horse racing track located within the city limits of Florence, Kentucky, about 10 miles (16 km) south of the Ohio River at Cincinnati. The track conducts live Thoroughbred horse racing during two meets each year—Holiday (December), and Winter/Spring —and offers year-round simulcast wagering from tracks across the continent.
Golden Gate Fields is an American horse racing track straddling both Albany, California and Berkeley, California along the shoreline of the San Francisco Bay adjacent to the Eastshore Freeway in the San Francisco Bay Area. With the closing of the Bay Meadows racetrack on May 11, 2008, it became the only major Thoroughbred racetrack in Northern California. It is currently owned by The Stronach Group.
Gulfstream Park is a Thoroughbred horse race track, casino and outdoor entertainment and shopping destination in Hallandale Beach, Florida, United States. It is among the most important venues for horse racing in the United States, and is open 365 days a year.
Ellis Park is a thoroughbred racetrack near Henderson, Kentucky, just south of Evansville, Indiana. It is owned and operated by Churchill Downs Incorporated. While the track is located north of the Ohio River that forms the border between Kentucky and Indiana, which would put it within Indiana, the border is based on the course of the river at the time Kentucky became a state in 1792.
Laurel Park, formerly Laurel Race Course, is an American thoroughbred racetrack located just outside Laurel, Maryland which opened in 1911. The track is 1+1⁄8 miles in circumference. Its name was changed to "Laurel Race Course" for several decades until returning to the "Laurel Park" designation in 1994.
FanDuel Racing is an American sports-oriented digital cable and satellite television network. It is part of the TVG Network and is owned by Paddy Power Betfair. Dedicated to horse racing, it broadcasts events from U.S. and international racetracks, as well as a range of English and Western horse competitions, news, original programming and documentaries
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
Louisiana Downs Casino & Racetrack is a horse racing track and racino located in Bossier City in northwestern Louisiana. It opened in 1974. The casino features over 800 slot machines. The track specification is a dirt track of 1 mi (1.609 km) & turf course of 0.875 mi (1.408 km).
Remington Park is a horse racing track and casino located in Oklahoma City, Oklahoma. Built in 1988 by Edward J. DeBartolo Sr., it was the first world-class pari-mutuel track in Oklahoma. Since 2010, Global Gaming RP has owned and operated the racing facility.
The Hollywood Casino at The Meadows, formerly The Meadows Racetrack and Casino, originally (1963) just The Meadows horse-racing track, is a Standardbred harness-racing track and slot-machine casino which is located in North Strabane Township, Pennsylvania, United States, about 25 miles (40 km) southwest of Pittsburgh. After 44 years as a racetrack, the casino was added in 2007. The real estate has been owned by Gaming and Leisure Properties since 2016, with the business operations owned by Penn Entertainment since 2018, including a long term lease agreement to Gaming and Leisure Properties.
Portland Meadows was an American horse racing venue in Portland, Oregon, owned by The Stronach Group since July 3, 2011 and previously owned by MI Developments Inc. (MID) 2001. Built by William P. Kyne, who also built Bay Meadows Racetrack in San Mateo, California, the facility opened on September 14, 1946. The track's closure was announced in March 2019, following the conclusion of the 2018-19 racing season, with the property slated for redevelopment. The last day for simulcast racing was December 7, 2019 and the poker room closed December 15, 2019. Demolition began in February 2020.
Rosecroft Raceway, nicknamed the "Raceway by the Beltway" for being close to Interstate 495, is a harness racing track in Fort Washington, Maryland. It first opened in 1949 and was owned by William E. Miller, a horse trainer and breeder. Rosecroft quickly became Prince George's County's political and social center, drawing thousands of people there each racing day. In the early 1950s, average attendance was more than 7,000 per day. After Miller died in 1954, his son John owned Rosecroft until his death in 1969. Rosecroft hosted memorial stake races annually for both William and John until 1995. Following the death of John Miller, Earle Brown controlled operations until he moved to a different position in 1980; William E. Miller II took over following Brown.
Ocean Downs is a casino and harness racing track in Berlin, Maryland, near Ocean City. It is owned and operated by Churchill Downs Inc.
Xpressbet, LLC is a subsidiary of Stronach Group Company founded in 2002 and based in Washington, Pennsylvania. The company provides pari-mutuel action services that enable account holders to watch and wager on thoroughbred, harness, and quarter horse racing virtually. The company also provides handicapping resources, such as daily picks, wagering guides, newsletters, blogs, and columns. Xpressbet, LLC provides wagering services to nearly 200 racetracks in North America, Australia, Europe, South Africa, and the Middle East. It also offers back-end or white label wagering services for other Account Deposit Wagering (ADW) suppliers.
Historical horse racing (HHR), originally known as Instant Racing, is an electronic gambling product that allows players to bet on replays of horse races or dog races that have already been run, using terminals that typically resemble slot machines.
Horse racing in the United States dates back to 1665, which saw the establishment of the Newmarket course in Salisbury, New York, a section of what is now known as the Hempstead Plains of Long Island, New York. This first racing meet in North America was supervised by New York's colonial governor, Richard Nicolls. The area is now occupied by the present Nassau County, New York, region of Greater Westbury and East Garden City.
The Pegasus World Cup Invitational Stakes is an American Thoroughbred horse race whose first running was on January 28, 2017 at Gulfstream Park in Hallandale Beach, Florida. It is run over the dirt at the distance of 1+1⁄8 miles and is open to horses four years old and up. The Grade I rating was assumed from the Donn Handicap.