The Stronach Group
| Private | |
| Industry | Horse racetracks |
| Headquarters | Aurora, Ontario, Canada |
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Key people
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Frank Stronach, Alon Ossip |
| Website | www |
Stronach Group is a gambling and horse racing company in North America with several holdings in Europe and Australia, and is North America's largest thoroughbred racing company, based on revenue and holdings.
The Stronach Group entered the horse racing industry by purchasing Magna Entertainment Corporation's former holdings from MI Developments.
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. Magna Entertainment filed for Chapter 11 bankruptcy.
Stronach Group currently owns or manages racetracks in North America, and one racetrack in Austria, 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, and Horse Racing TV, a premium television network featuring racing from both Stronach Group tracks and other participating tracks. In 2007, Magna sold 50% of Horse Racing TV to Churchill Downs Incorporated.
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.
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Wikipedia