Despite losses of more than $15 million in six years, the Los Angeles Equestrian Center "is hopeful that '88 will be a turn-around year," said its president, J. Albert Garcia.
The privately owned Equestrian Center has been plagued by problems since it leased 70 acres of land from the City of Los Angeles in 1982 in a corner of Griffith Park between Burbank and Glendale.
Marked by lawsuits and controversy, including community protests over land use and noise, the center was forced in September, 1984, to file for bankruptcy.
Garcia hopes to finally file a reorganization plan after Jan. 1.
In the past six years, more than $18 million has been spent to construct an indoor arena, the 3,500-seat Equidome that is home to the L. A. Colts; an International Grand Prix jumping course, stalls and corrals for more than 600 private, livery and polo horses, and training arenas and bullpens for some 500 show horses.