Stronach Group

Last updated • 8 min readFrom Wikipedia, The Free Encyclopedia
The Stronach Group
Company type Private
IndustryHorse racetracks
Headquarters,
Key people
Belinda Stronach
Website www.1st.com

Stronach Group, doing business as 1/ST (pronounced "first" [1] ), is an entertainment and real estate company in North America with thoroughbred horse racing and parimutuel gambling at the core. [2]

Contents

History

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. [3] Magna Entertainment filed for Chapter 11 bankruptcy.

The Stronach Group entered the horse racing industry by purchasing Magna Entertainment Corporation's former holdings from MI Developments. [4] In January 2020, the company announced a rebranding to the 1/ST banner for all consumer-facing operations. [1]

Stronach Group today

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. [2]

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.

Owned racetracks and assets

Stronach Group owns the following tracks in order of acquisition date: [7]

Race tracks

Other assets

Stronach Group owns the intellectual property for the Preakness Stakes, [8] one of the three races in the U.S. Triple Crown. Other assets include:

Former MI Developments Inc. or MEC assets and racetracks

References

  1. 1 2 "The Stronach Group Launches New Consumer Facing Brand: 1/ST". PR Newswire (Press release). January 24, 2020. Retrieved July 26, 2024.
  2. 1 2 3 Archived 2004-11-13 at the Wayback Machine
  3. MEC History Archived 2007-04-15 at the Wayback Machine
  4. The Stronach Group - Press Release Archived 2012-06-08 at the Wayback Machine
  5. "Casino Opens at Remington Park". Remington Park. November 21, 2005. Archived from the original on 2005-11-25.
  6. Magna Entertainment Corp. - Press Release
  7. MEC Tracks Archived 2007-03-12 at the Wayback Machine
  8. 1 2 3 Walker, Childs (30 December 2024). "Maryland thoroughbred horse racing prepares to step into its future in 2025" . timeswv.com. Baltimore Sun. Retrieved 2 January 2025.
  9. "Sale Of Rosecroft Raceway to the Stronach Group official". Paulick Report (Press release). Stronach Group. August 2, 2016. Retrieved 2016-08-02.
  10. P.R. Newswire website, June 30, 2006;http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=ind_focus.story&STORY=/www/story/08-02-2006/0004409232&EDATE=WED+Aug+02+2006,+06:44+PM.%5B‍%5D
  11. "Start Betting On Horse Racing | Xpressbet".
  12. "XBTV Rebrands to 1/ST TV". The Blood-Horse. 10 February 2025. Retrieved 11 February 2025.
  13. "Magna Entertainment Officially Launches HRTV". The Blood-Horse. 8 January 2003. Archived from the original on 11 February 2025. Retrieved 11 February 2025.
  14. "Magna's final run at Meadows / No night racing in fall meet". San Francisco Chronicle. September 3, 2004.
  15. "Magna finalizes deal to sell Flamboro Downs". National Horsemen's Benevolent and Protective Association, Inc. August 17, 2005. Archived from the original on 2007-12-13.
  16. "Magna Sells Management Interest in Colonial Downs". Bloodhorse. August 19, 2005. Archived from the original on 2012-09-28.
  17. Magna Entertainment Corp. - Press Release
  18. "Magna Entertainment Corp Announces Sale of San Luis Rey Downs". ADVFN. June 7, 2007.
  19. [Market Screener, PRNewswire, July 16, 2008;
  20. Bremer Milliardär kauft Frank Stronachs Pferdesportpark Racino, Sept. 9, 2020;
  21. "Sale of Texas track to Chickasaws hits snag". Dallas Morning News. October 14, 2009. Archived from the original on 2009-11-19.
  22. Song, Sharon (11 June 2024). "End of era: Golden Gate Fields closes after 83 years". KTVU . Retrieved 4 July 2024.
  23. Angst, Frank (19 March 2024). "Maryland Plan Seeks to Take Full Advantage of Preakness". The Blood-Horse. Retrieved 2 July 2024.
  24. "Pimlico Activity to Cease Sept. 1 Before Rebuild Starts". The Blood-Horse. 1 July 2024. Retrieved 2 July 2024.