Sammy Gordon, president of the Florida Horsemen's Benevolent and Protective Association, said Gulfstream's management has an excellent relationship with horsemen and responded to fans' complaints about the refurbished facility by adding more outdoor seating and bringing back box seats.
"A lot of people criticize Frank Stronach, but look at what he has done," he said. "Nobody has put into this industry what this man has."
De Francis said Magna's business philosophy is still sound: To produce top horse racing content and distribute it globally through multiple formats, including television and the Internet.
"I think the fundamental problem that MEC has run into is that they don't, right now, have in their ranks the necessary depth of executive talent to be able to make that vision a reality. And Frank can't do it all by himself," he said.
Survival in doubt
Magna's auditors have warned that they have "substantial doubt" about the company's survival. It is trying to save itself by raising up to $700 million to eliminate its debt by the end of this year. It is selling unprofitable tracks and excess real estate, including a parcel adjacent to Laurel, and looking for gambling and racing partners.
Some analysts question whether Magna can meet such an ambitious goal, particularly in a slumping real estate market. If it is successful, the empire that Stronach built in the past eight years would be reduced to almost half its size.
Stronach told Barron's in 2000 that his racing company might one day be a bigger success than his auto-parts conglomerate. That vision has yet to become reality. But there are no signs that Stronach is giving up on his passion.
Nor is he short on ideas.
The Horse Wizard room might be closed at Laurel. But another of Stronach's inspirations is available there: a beverage called Frank's Energy Drink. Its Web site and ads feature photos of ample-bosomed young women in lederhosen promoting Stronach's "authentic Austrian energy."
The drink's vitamin-packed formula, according to the promotional materials, "keeps you yodeling all night long."
hanah.cho@baltsun.com
