Gov. Christie announced tonight that live racing at the Meadowlands and Monmouth Park will continue throughout 2011 and beyond. Beginning on June 1, both tracks will be in the hands of private-sector operators who, according to an agreement in principle, will assume the costs associated with running live racing at those venues. The private operators will also be responsible for all simulcast wagering at the tracks, the operation and future development of off-track wagering facilities and the continued operation of the State’s account wagering system.
“I was determined to bring this deal home,” Christie said. “There are many beneficiaries: We’re saving a New Jersey tradition with the continuation of live horse racing at the Meadowlands and Monmouth Park; we are saving and creating jobs; and we are helping to preserve New Jersey farmland and a way of life for many people, from horse farm owners and employees, to jockeys to racing enthusiasts. I want to thank all involved, from staff in the Governor’s Counsel’s Office, to the executive staff of the New Jersey Sports and Exposition Authority, to Mr. Gural and Mr. Bailey, as well as representatives of the thoroughbred and standardbred horsemen.”
“First, I want to thank Governor Christie and his staff for all their hard work on something I initially thought was impossible,” said Jeff Gural, the New York investor and developer who will assume control of and redevelop the Meadowland Racetrack. “The deal that we’ve reached together will be good for the taxpayers, good for horse racing and great for the Meadowlands. I look forward to returning the Meadowlands to its former glory and pre-eminent position in horse racing in the United States.”
Since December of last year, the NJSEA has been negotiating with Gural over the lease of the Meadowlands Racetrack. Gural will assume all operations at the track beginning on June 1. He has successfully re-negotiated labor contracts with track employees and has taken steps toward the development of an off-track wagering facility in Bayonne. He has also worked with the harness racing industry on a reduced slate of racing days for 2011. In addition, Gural plans to invest more than $90 million through the construction of a new grandstand at the Meadowlands and the development of an off-track wagering facility in Bayonne. These investments will create construction jobs for the State as well as permanent employment opportunities for New Jerseyans.
In April, the New Jersey Sports and Exposition Authority selected Morris Bailey as the winning bidder of a request for proposals for the lease of Monmouth Park. Bailey will assume track operations at Monmouth Park on June 1 as well. The thoroughbreds will also run a reduced slate of racing days for 2011, similar to the 2010 racing schedule. Bailey will also take over the operation of the OTW site in Woodbridge and will work with Gural on the development of future OTWs.
Taken together, these deals will put the New Jersey horse racing industry on the path of self-sufficiency and, as a result, save New Jersey taxpayers millions of dollars annually and end the racing industry’s reliance on purse subsidies. Both private operators will pay property taxes and Payments in Lieu of Taxes (PILOT payments) as required by law.
