Magna Entertainment Corp., the troubled owner of Santa Anita Park in Arcadia and six other major thoroughbred horse racing venues, filed for bankruptcy protection Thursday after defaulting on conditions of a bank loan.

The move puts pressure on the Canadian company to sell its storied racetracks, which also include Pimlico Race Course in Baltimore, home of the Preakness Stakes.

Magna’s financial problems are long-standing. Interest in the sport of kings has been dwindling for decades as gamblers turned more to Las Vegas, Indian casinos and other entertainment, and attendance fell. In 2007, Magna said it would explore selling Santa Anita.

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