Exhibit 23.1


Consent of Independent Auditors


We consent to the incorporation by reference of our report dated April 14, 1997
accompanying the financial statements and schedules of:
(a) Santa Anita Companies
(b) Santa Anita Realty Enterprises, Inc.; and 
(c) Santa Anita Operating Company and Subsidiaries

    
appearing in the above-listed entities' Annual Report on Form 10-K for the 
year ended December 31, 1996, as amended, in this Form 10-K/A-2 and in the
Prospectus contained in Post-Effective Amendment No. 3 to the Joint Registration
Statement on Form S-8 (No. 2-95228), Joint Registration Statement on Form S-8
(No. 33-51843), and Joint Registration Statement on Form S-8 (No. 033-58995).
     


                                             Ernst & Young LLP


Los Angeles, California
    
August 12, 1997