Santa Anita Pays Suitor Breakup Fee

Santa Anita Cos. said it paid $4 million, plus $500,000 in expenses, to Colony Capital Inc. because their previously announced strategic alliance was terminated. The alliance, first announced last August, was effectively scrapped in January when Arcadia-based Santa Anita decided to entertain other offers seeking control of the racetrack and real estate concern. Colony, a Los Angeles-based real estate company, later joined with Koll Co. of Newport Beach and Apollo Real Estate Advisors of New York to make a bid for 70% of Santa Anita, but they withdrew the offer Friday. Santa Anita said it would charge the breakup fee against its first-quarter earnings. The company reported net income of $8.1 million, or 72 cents a share, for the quarter ended March 31.