logo
Horse racing ends in Surrey as city reclaims Fraser Downs land for redevelopment

Horse racing ends in Surrey as city reclaims Fraser Downs land for redevelopment

Yahoo4 hours ago
Horse racing at Fraser Downs in Surrey, B.C. has come to an end after nearly 50 years, as the city moves to redevelop the land for housing and other public amenities.
Great Canadian Entertainment, which owns and operates the track, said Friday the closure takes effect immediately though the adjacent Elements Casino Surrey will remain open.
The decision follows notice from the City of Surrey, which owns the Cloverdale Fairgrounds where the racetrack is located, that it is terminating the lease.
Mayor Brenda Locke says the land, which occupies about five hectares of the Fairgrounds, will be folded into the city's broader redevelopment plans for Cloverdale Fairgrounds, which include new housing, a $3 billion hospital, public spaces, cultural facilities and expanded recreation amenities.
"Our city is growing rapidly toward one million residents," she said in a statement to CBC News.
"Ending the lease with Fraser Downs allows us to begin critical planning to revitalize the Cloverdale Fairgrounds and Town Centre…this is a city-building decision about using public land for the greatest public good."
The Fraser Downs is one of two horse racing tracks in B.C., and the only racetrack for standardbred horses.
WATCH | Rat infestation shuts down popular Surrey horse racetrack:
It opened in 1976 as Cloverdale Raceway and was rebranded in 1996.
"We respect the long history of horse racing in Surrey and the people connected to it," Locke said. "We carefully weighed those impacts against the city-wide benefits of revitalization."
The announcement comes months after Great Canadian Entertainment ordered the stables closed to address a longstanding rat infestation at the site.
Horse owners and trainers said the facility was unique in Metro Vancouver and critical for housing and training animals ahead of the fall racing season.
At the time, Harness Racing B.C. said the closure would affect about 218 members, including up to 100 people employed during racing season.
The organization launched a legal challenge against the closure but lost after the B.C. Supreme Court ruled in May that the temporary closure to address the infestation did not constitute "irreparable harm" to the industry.
No horses have been stabled at Fraser Downs since late May.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Air Canada-CUPE Negotiations End in Impasse
Air Canada-CUPE Negotiations End in Impasse

Associated Press

timean hour ago

  • Associated Press

Air Canada-CUPE Negotiations End in Impasse

TORONTO--(BUSINESS WIRE)--Aug 16, 2025-- Negotiations between CUPE and Air Canada have ended in impasse. Air Canada still refuses to compensate flight attendants for all hours worked. The union has been firm: all safety-related duties should be paid at full hourly rate. Air Canada does not agree. On wages, Air Canada's last offer will still leave flight attendants living below poverty levels for many years to come. We are heartbroken for our passengers. We do not want to go on strike, and we do not want to be locked out, but it is clear that Air Canada has no incentive to bargain. Rather, Air Canada has refused to bargain in good faith due to the likelihood of the federal government using Section 107 of the Canada Labour Code to interfere in negotiations and have a contract imposed by an outside third-party arbitrator. View source version on CONTACT: Hugh Pouliot CUPE Media Relations (EN) [email protected] 613-818-0067Nathalie Garceau CUPE Media Relations (FR) [email protected] 514-594-2747 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT AIR TRANSPORT TRANSPORTATION ADVOCACY GROUP OPINION LABOR TRAVEL SOURCE: Canadian Union of Public Employees Copyright Business Wire 2025. PUB: 08/16/2025 01:30 AM/DISC: 08/16/2025 01:30 AM

Air Canada flight attendants walk off the job as strike begins
Air Canada flight attendants walk off the job as strike begins

Yahoo

timean hour ago

  • Yahoo

Air Canada flight attendants walk off the job as strike begins

More than 10,000 Air Canada flight attendants went on strike as of 12:58 a.m. ET Saturday, after the airline and the union representing them failed to reach a deal ahead of the deadline. The Canadian Union of Public Employees, or CUPE, gave a 72-hour strike notice on Wednesday after midnight. Air Canada responded shortly after by saying it would lock out workers, and began winding down operations on Thursday with a gradual suspension of flights. With a work stoppage now in effect, Air Canada estimates that 130,000 customers will be affected each day of a strike, a figure that includes 25,000 Canadian travellers who are abroad. The strike began after talks between CUPE and Air Canada reached an impasse, with wages and ground pay — which compensates flight attendants for work while the plane is grounded — among the key sticking points keeping the parties from reaching a deal. Earlier this week, Air Canada formally proposed to CUPE that the parties use binding arbitration to negotiate the renewal of a 10-year collective agreement that expired in March. CUPE declined to use arbitration, a process that would have an arbitrator render a decision about specific items the parties can't agree on. CUPE has maintained it wants to stay at the negotiating table and have the two sides come to an agreement themselves. Air Canada asked federal Jobs Minister Patty Hajdu to make a referral under Section 107 of the Canada Labour Code to send the negotiations to binding interest arbitration. Hajdu gave CUPE until noon on Friday to respond, and they declined. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Chemtrade Logistics Income Fund (CGIFF) Q2 2025 Earnings Call Highlights: Strong Growth and ...
Chemtrade Logistics Income Fund (CGIFF) Q2 2025 Earnings Call Highlights: Strong Growth and ...

Yahoo

time2 hours ago

  • Yahoo

Chemtrade Logistics Income Fund (CGIFF) Q2 2025 Earnings Call Highlights: Strong Growth and ...

Revenue: Increased by 11% year-over-year in Q2 2025. EBITDA: Increased by 20% year-over-year in Q2 2025. Distributable Cash: Increased by approximately 50% after maintenance CapEx. SWC Segment Revenue: Grew by 12% excluding foreign exchange impact. SWC Segment EBITDA: Declined by 3% excluding foreign exchange impact. EC Segment EBITDA: Increased by 8% year-over-year, excluding foreign exchange and maintenance turnaround impacts. Net Debt-to-EBITDA: 2x as of Q2 2025. Available Liquidity: Approximately $700 million. Unit Repurchases: 2.2 million units repurchased in Q2 2025. Growth CapEx: $11 million incurred during Q2 2025. Updated EBITDA Guidance for 2025: Raised to a range of $475 million to $500 million. North American MECU Sales Volume Guidance: 177,000 versus 168,500 prior. Sodium Chlorate Volumes Guidance: 270,000 tons versus 254,500 tons prior. Warning! GuruFocus has detected 5 Warning Signs with CGIFF. Release Date: August 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Chemtrade Logistics Income Fund (CGIFF) reported strong Q2 2025 financial results with double-digit year-over-year growth in revenue, EBITDA, and distributable cash. The Electrochemicals segment showed significant performance with an 8% increase in EBITDA year-over-year, driven by higher caustic soda pricing. The company announced the acquisition of Polytec, a provider of water treatment solutions, which is expected to enhance Chemtrade's water treatment offerings in North America. Chemtrade maintained a strong balance sheet with a net debt-to-EBITDA ratio of 2x and available liquidity of approximately $700 million. The company raised its adjusted EBITDA guidance for 2025 to a range of $475 million to $500 million, representing a 10% increase from the initial guidance midpoint. Negative Points SWC segment's EBITDA declined by 3% after excluding the impact of foreign exchange, due to lower margins on acids and higher input costs. A $15 million non-cash impairment was recognized in the sodium nitride business due to the lifting of US antidumping protection. The cessation of sodium chlorate production at the Prince George facility resulted in a $28.4 million non-cash impairment. Corporate costs increased slightly year-on-year, driven by higher short-term incentive compensation and legal costs. Chlorine pricing has softened year-to-date, and continued softness is expected over the balance of the year. Q & A Highlights Q: What is the synergy target for the Polytec acquisition, and how does the deal multiple compare to Chemtrade's stock trading multiple? A: Rohit Bhardwaj, CFO, explained that while they did not disclose a specific synergy target, synergies are expected as they expand Polytec's capabilities across Chemtrade's business. The 6.5x multiple is considered reasonable given the higher multiples in the water chemicals space, and the acquisition was strategically funded to avoid diluting unitholders. Q: With a low payout ratio, is there potential for an increase in distribution? A: Rohit Bhardwaj, CFO, noted that Chemtrade has increased distributions by 10% and 5% over the last two years. The low payout ratio suggests sustainability, and while there is room for modest growth, any changes will be discussed with the Board. Q: How long will it take to capture synergies from the Polytec acquisition? A: Scott Rook, CEO, indicated that they expect to grow at or above market rates in the coming years, with synergies realized sooner rather than later. The acquisition is seen as a logical fit, with opportunities for growth and synergies. Q: How does the EBITDA margin profile of Polytec compare with Chemtrade's SWC segment? A: Rohit Bhardwaj, CFO, stated that Polytec's EBITDA margin is in line with the SWC segment and will not materially impact it. Q: What are the building blocks for Chemtrade's 2026 outlook, considering recent acquisitions and market conditions? A: Rohit Bhardwaj, CFO, highlighted several factors, including the full-year impact of Polytec, ultrapure acid sales, and the North Vancouver turnaround. Market variables such as caustic soda pricing and sulfur costs will also play a role, but no major concerns are anticipated. Q: Can you provide background on the Polytec acquisition process and why the business was sold? A: Scott Rook, CEO, explained that Polytec's owner was looking to retire and found Chemtrade to be a logical buyer with a good cultural fit. The acquisition was not a competitive auction but rather a bilateral process based on a strong existing relationship. Q: How does Chemtrade view the potential impact of rising power prices, particularly in the U.S.? A: Scott Rook, CEO, noted that the majority of Chemtrade's power comes from Canadian hydroelectric sources, which are stable. While there may be modest impacts on U.S. sites, they are not material to earnings. Q: What are Chemtrade's thoughts on the proposed Union Pacific and Norfolk Southern merger? A: Scott Rook, CEO, stated that they do not anticipate a material impact from the merger. Chemtrade works closely with all rail companies and expects any changes to improve service. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store