The Real Deal Miami

Racetrack owner hangs on to Gulfstream Park, mall interest

January 14, 2010 10:43AM

Frank Stonach, the largest shareholder of the Hallandale Beach racetrack Gulfstream Park, has arranged to take direct control of the property and two other racetracks. Stronach, chairman of MI Developments in Aurora, Ontario, reached the agreement with unsecured creditors of Magna Entertainment, the parent company of Gulfstream. MI Developments is the controlling shareholder of bankrupt Magna, which filed for Chapter 11 last March. The agreement gives MI Developments a 50 percent stake in the Village at Gulfstream Park, a shopping center slated to open Feb. 11. The company also gets control of California tracks Santa Anita Park in Arcadia and Golden Gate Fields in Berkeley. [Miami Herald]