Gov. Phil Murphy signed legislation Sept. 12 that appropriates $20 million annually to enhance horse racing purses in the Garden State.
Assembly Bill 2610/Senate Bill 3203 unanimously passed both legislative chambers. The measure extends the annual subsidies through Fiscal Year 2025.
“New Jersey’s horse racing industry is a key economic engine, supporting thousands of jobs and attracting tourists and fans from around the world,” said Murphy in a statement. He noted that since signing the original purse enhancement legislation into law in 2019 that the state has appropriated $140 million in subsidies. “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 governor also notes that one legislature cannot bind future legislatures with prospective appropriations under the Appropriations Clause of the New Jersey Constitution.
“Consequently, the appropriations that this bill purports to require through State fiscal year 2029 are not binding and serve only as a strong expression of intent to provide funding in future fiscal years,” he explained.
Murphy stressed the critical importance of the horse racing industry to the state’s economy as well as 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,” he said. “However, the amount of the investment made each year must be evaluated and ultimately determined by the state’s overall fiscal condition at that time.
“With these economic and legal realities in mind, I look forward to working with my partners in the Legislature to ensure that this key sector of the State’s economy is supported going forward in a fiscally responsible manner that satisfies our shared constitutional obligations to enact a single appropriations law governing overall State spending needs for a single fiscal year,” Murphy said.
Under the law, Monmouth Park will receive $10 million annually. The other $10 million goes toward purses at Meadowlands Racetrack and Freehold Raceway, as well as money earmarked for bonuses for state-sired horses and breeders’ awards.
“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 operators 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.”
With a groundbreaking slated for the fourth quarter of 2025, JEMB Realty said it will develop phase one of the work in partnership with the State of New Jersey and Darby Development LLC. Read (and see) more here.
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