Could a gamble on gaming save New Jersey horse racing?
Racing at Monmouth Park dates all the way back to 1870, but its future could be on its home stretch.
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The horse racing industry in New Jersey has been struggling for years with competition from tracks with casinos in neighboring states.
That could all change with a new push to expand casino gaming outside Atlantic City.
Racing at Monmouth Park dates all the way back to 1870, but its future could be on its home stretch.
“This is survival of Monmouth Park Racetrack. It's survival of an industry, horse racing and the breeding industry,” said Dennis Drazin, CEO of Darby Development, the operators of Monmouth Park.
Drazin partnered with real estate mogul and gaming owner Morris Bailey, of Resorts, to bring housing, athletic field and a hotel to the sprawling Oceanport complex and perhaps a casino.
“They awarded three downstate casinos in New York, which will be built over the next couple of years,” said Drazin.
This means more competition for Atlantic City. Because of the interest in the New York City properties, Meadowlands and Monmouth Park want on-site casinos like the racinos already operating in every neighboring state. Before that happens, legislation co-sponsored by State Sen. Vin Gopal must be passed to put it out for a referendum.
In a statement to News 12, Gopal writes, “Our legislation allocates this revenue towards affordable housing, supports funding for extraordinary special education aid, property tax relief, and funding for the State pension system.”
Part of that revenue would go back to Atlantic City. Gaming at these tracks would also benefit the racing product, according to Drazin.
“We don't have casino gaming. So it's hard to compete when you talk about purses and the manor racing days,” he says.
With on-site sports betting already legal and the opening of the new Caesar’s Sportsbook building in November, Drazin says the site is already properly regulated. New Jersey tried to expand casino gaming outside of Atlantic City 10 years ago, and that referendum failed spectacularly, with less than 1 out of 4 voters supporting the measure. The difference this time? Those three New York casinos.
“Without New Jersey taking a really hard look at the consequences of that, we may find out eventually that a lot of our casino gaming revenue goes elsewhere,” Drazin says.
The decision to allow casino gaming at the racetracks will ultimately be left up to the voters. The hope is to have that question on this November’s ballot.
