Frank Stronach becomes CEO of Jockey Club parent

Frank Stronach, the founder and chairman of the Maryland Jockey Club's majority owner MI Developments, has also taken on the role of chief executive officer.

The management change, announced late Thursday, comes amid uncertainty at the Jockey Club, which said it would move forward with plans to significantly curtail its operations after a ballot measure approving zoning for a slots casino at Arundel Mills Mall passed this month.

But Stronach said this week that he plans to keep Laurel Park open for live racing next year, much to the surprise of the Jockey Club's minority owner, Penn National Gaming. Penn National said it supports cutbacks at the Jockey Club, the umbrella organization for Laurel Park and Baltimore's Pimlico Race Course. The two companies are expected to discuss the matter during the next several weeks.

MID's former chief executive Dennis Mills, who was appointed CEO in 2008, will remain on the company's board of directors.

No reason was given for Mills' resignation.

MID reported a $23 million loss in its racing operations, including from its 51 percent stake in the Jockey Club, for the three months ending Sept. 30.

But MID's real estate ventures posted a profit of $31 million, putting the company in the black during the third quarter. Net income was $8 million.

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