Who is Magna?
Golden Gate Fields is part of Magna International, a $13 Billion Canadian auto parts manufacturer operating in 22 countries with other interests in everything from horse racing to real estate. Rather notoriously in 2004 Magna spent over $2 Million backing Proposition 68 that would have allowed a casino at the racetrack, exempt from the City of Albany’s planning and zoning requirements. While Proposition 68 was overwhelming rejected by both Albany and California voters Magna’s corporate strategy still calls for building casinos at all of its tracks, including Albany. Take a look at their recent Financial Report to see how they are pursing legislation or ballot measures across the nation to allow racetrack casinos. Be certain that beyond their plan for a waterfront mall, Magna still sees a casino in Albany’s future. Mall developer a major Bush supporter Magna recently hired Los Angeles shopping mall developer Rick Caruso to build their planned Albany waterfront mall. Caruso is well known
