New Jersey Gov. Phil Murphy signed legislation that will extend the $20 million annual purse enhancement for horse racing in the state, with the appropriation now running through to the state’s fiscal 2029, the governor’s office announced.

Monmouth Park will receive $10 million annually for purses, with the remaining $10 million going toward purses for standardbred racing at Meadowlands Racetrack and Freehold Raceway as well as money earmarked for bonuses for state-sired horses and breeders’ awards.

“Given the critical importance of the horse-racing industry to not only the state’s economy, but to farmland and open space preservation, I am signing this legislation to signal my desire for the state to continue to make this investment each year at the level directed in the bill,” Murphy said in a statement.

“New Jersey’s horse racing industry is a key economic engine, supporting thousands of jobs and attracting tourists and fans from around the world,” he said. “The funding promised by this legislation will allow New Jersey to continue to offer one of the most exciting horse-racing experiences in the nation, while also providing a boost to an industry that is integral to our economy.”

The legislation passed 76-0 in the Assembly and 40-0 in the Senate.

“We’re grateful for the ongoing support for horse racing shown by Gov. Murphy and the state’s legislators,” said Dennis Drazin, chairman and CEO of Darby Development LLC, the operator of Monmouth Park. “We’re in a very competitive market in the Northeast, where purse structure is vital to attracting top horses and putting on the highest quality product we can. This added purse money keeps us on solid footing to continue to offer first-class racing to fans.”

The original legislation designating the purse enhancement for racing was signed by Murphy in February 2019. That included $20 million for purses already appropriated for the state’s fiscal year 2025.