03/26/2007 11:00PM

Cup at Monmouth seen to have $57M impact

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The Breeders' Cup event at Monmouth Park in Oceanport, N.J., on Oct. 27 will have a total economic impact of $57.6 million, according to the authors of a study paid for by the track's owner.

The study measured the anticipated direct and indirect spending resulting from the Breeders' Cup's main day of racing on Oct. 27. According to the study, New Jersey will receive $6.1 million in additional tax receipts from the event, and visitors to the state will spend $15.3 million while in attendance. In addition, the event will create the equivalent of 515 full-time jobs.

The study did not fully measure the impact of the entire four-day Breeders' Cup meet. Monmouth Park, which typically holds a summer meet ending in September, will hold race cards on the Wednesday, Thursday, and Friday before the Breeders' Cup on Saturday. The Friday card will include three races that are official Breeders' Cup events, each with a $1 million purse.

In anticipation of the Breeders' Cup coming to Monmouth Park, the New Jersey state legislature authorized $25.7 million in improvements to Monmouth in order to upgrade the facility and install a new turf course. In addition, Breeders' Cup Ltd. received tax breaks related to the event.

Monmouth Park and its sister track, the Meadowlands, are owned and operated by the New Jersey Sports and Exposition Authority, which is owned by the state.

The study says that the tax breaks and money designated for capital expenditures "will be some of the most effective advertising dollars the state could spend to enhance tourism, spur local real estate values, and generate state and local taxes. In net the overall benefits from the Breeders' Cup will well outweigh its costs."

The study was conducted by Michael J. Lahr and Paimaan Lodhi of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, the state university of New Jersey.