Word: stronach
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...BELINDA STRONACH by Stephen Handelman...
...tracks over the past five years, including Pimlico and Bay Meadows. The company may also bid for the scandal-plagued New York Racing Association's tracks, which include Saratoga and Belmont Park. "I love horses, but I just got bored going to the racetrack," says Frank Stronach, Magna's chairman, who became one of the world's top breeders while he was making billions of dollars selling car seats. "They're so cliquey, so clubby, so badly run. So I decided to jazz them...
...Stronach plans to convert each old track into a mini-Vegas with shopping, live entertainment and, most important, "racinos," or racetrack casinos, that fatten purses and improve race quality. But MEC has met an old problem--the hostile statehouse. Racinos are legal in just seven states, and other industries, like hotels, won't let lawmakers legislate slots at tracks at their expense. "Why save racing?" asks Robert Goodman, a professor at Hampshire College in Amherst, Mass., and the author of The Luck Business. "The car companies are struggling--does that mean we should put slot machines in showrooms...
...BELINDA STRONACH Car-Parts Queen...
...easy being Daddy's little girl. Analysts balked a year ago when Stronach, 35, took the helm of her father's company, MAGNA. But since then, Canada's biggest auto-parts maker has posted record sales of $11 billion, up 5%--during the recession. Stronach is steering Magna further into auto assembly, last month buying a Chrysler plant in Austria next to where it already builds Saabs and Mercedes...