Hollywood Park faces uncertain future March 25th, 2009
Hollywood Park will conduct its scheduled meeting this fall, but the storied racetracks future could be in doubt beyond this year.
Track president Jack Liebau told the California Horse Racing Board that he was not in a position to commit to racing past 2009.
Yes, Hollywood Park will be conducting its fall meet, he said without elaboration during the boards recent meeting at Golden Gate Fields in Northern California.
The tracks spring-summer meeting will run April 22 to July 19. Its fall meeting is set for Nov. 11-Dec. 21.
The Southern California tracks owner recently unveiled plans to Inglewood city officials for a mixed-use development on the 238-acre property that would include a retail district, office space and nearly 3,000 residential units.
That prompted the board to ask Liebau if he could provide any assurances about the tracks future. CHRB chairman John Harris expressed his hope that Hollywood Park would continue its racing operations.
Meanwhile, a representative of Magna Entertainment Corp. updated the board on the companys Chapter 11 bankruptcy filing, including motions on the possible sale of MEC-owned properties as Santa Anita and Golden Gate Fields.
Gregg Scoggins, MECs national director of regulatory affairs, said a bankruptcy judge has already approved $13.4 million in debtor-in-possession financing, and the judge will consider motions to approve another $49 million on March 27.
He said MEC has proposed bidding and auctioning timetables that could lead to the sales of the racetrack properties in early August.
Harris said that although all pari-mutuel tickets have been and will be paid, the bankruptcy filing has delayed the distribution of millions of dollars from pari-mutuel wagering owed to other beneficiaries, including $1.2 million in license fees to the state.