Monmouth Park Racetrack prepares for another season
Horseman are returning to Monmouth Park to prepare for the season, which opens on May 13.
Peter Ackerman, Asbury Park Press
Twenty million dollars in taxpayer money will go to subsidize horse racing in New Jersey each year through 2029 — $100 million in total — under a law Gov. Phil Murphy signed last week. But the governor cautioned that the funds may not be available on a yearly basis.
Proponents of the law said it will help preserve thousands of jobs and funnel money into the local economy, meaning millions of dollars in tax revenue coming from the racetracks in Monmouth County and the Meadowlands.
Murphy, in a Sept. 12 statement, cited the “critical importance” of the horse racing industry, both to the state economy and to the protection of local farmland and open space that services the horses.
Story continues below photo gallery.
New Jersey’s horse racing industry adds about $3.2 billion to the state economy, said a 2021 estimate by the New Jersey Agriculture Department. Officials at the Meadowlands Racetrack in East Rutherford estimate that they employ roughly 430 people and spend $60 million a year on payroll and on goods and services.
“The funding promised by this [law] 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,” Murphy said.
But the governor made clear that he and lawmakers are bound by the state constitution’s appropriations clause, which means they can budget revenue and spending only on a yearly basis.
Since Murphy’s term ends in January 2026 and he cannot seek a third consecutive term, that means it will be up to his successor to appropriate the money or funnel it elsewhere.
Critics such as Peter Chen, a policy analyst with the progressive think tank New Jersey Policy Perspective, took a different stance. He said the subsidies were ill-fitted at a time when New Jersey residents have been struggling with inflation and the cost of living.
More: A casino in the Meadowlands? The idea, once rejected by voters, is floated again
“Horse racing is not a public service, a benefit to the public at large, or frankly a benefit at all,” Chen said. “It is, rather, a private multibillion-dollar industry, whose profits go largely to the pockets of executives and investors, not everyday New Jerseyans.”
The money allocated under the new law will go toward enhancing the winnings, or purses, paid out to the highest finishers at races. In general, higher purses mean tracks can attract more horses, which in turn leads to more wagering by spectators and more business for the tracks and related workers.
“Equine is a vital part of New Jersey agriculture, and this helps incentivize those, not only to come here to race, but also to breed, board their horses, buy locally grown hay and straw, and support other ancillary businesses,” said Ashley Kerr, a research associate for the New Jersey Farm Bureau, a trade group for the state’s agriculture industry.
Monmouth Park in Oceanport will receive $10 million, as it’s the state’s only track for thoroughbreds, or purebred horses. The Meadowlands Racetrack will get $6 million a year, and Freehold Raceway will get $1.6 million.
Tracks must submit an annual report showing the impact of the subsidies on wagering, attendance, field size and revenue.
Jeffrey Gural, owner of the Meadowlands Racetrack, said the venue is competing with others in Yonkers and the Poconos, which he said both get much higher subsidies.
“Without the subsidy I doubt we could survive as our purses would be much lower and make it impossible to compete,” Gural said in an email.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
Freehold Borough Mayor Kevin Kane said Freehold Raceway management told employees in an emergency meeting Thursday moring that the track will cease operations D
Photo: Caesars Entertainment After five years of competition primarily between two Las Vegas sportsbooks, fixed-odds futures for Kentu
Good morning, Lincoln. Here's what you should know today.Horse racing returnsOn Friday, horse racing fans will see something they have
It’s exceedingly rare for the stewards at Delaware Park to concede deaths there, and, as you’ll see, that goes double for the chartwriter(