Jersey accord on casino subsidy

The New Jersey Sports and Exposition Authority and the state's Thoroughbred horsemen have reached a tentative agreement on how to split up an $86 million subsidy from the state's casino industry over the next four years, officials for the authority and a horsemen's group said on Thursday.

The agreement calls for $320,000 in daily purses this year at Monmouth Park and $260,000 in purses each day during the Thoroughbred meet at The Meadowlands. The purse distributions would rise to $340,000 at Monmouth and $270,000 at the Meadowlands in 2005; $350,000 and $280,000 in 2006; and $360,000 and $300,000 in 2007, officials said.

In a deal brokered by Gov. James McGreevey, New Jersey's casinos agreed earlier this year to the subsidy if racetracks promised not to pursue slot machines over the next four years.