Monmouth granted $10 million purse subsidy for 2027

New Jersey Gov. Mikie Sherrill has signed into law a 2027 budget that renews a $10 million purse subsidy for Monmouth Park in Oceanport.

Monmouth Park and the Meadowlands have both received $10 million annually for purse subsides since 2019. The tracks consider the subsidies to be instrumental to attracting horses during the busy summer months.

“As anyone in business knows, uncertainty is the enemy,” said Dennis Drazin, the chief executive officer of Darby Development, the company that operates Monmouth. “With $10 million secured for next year’s purses, we can move on from uncertainty and continue to build a better industry and a better Monmouth Park.”

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The $10 million subsidy comprises a significant share of the total purses distributed by the track, which runs a roughly 50-day meet each year. Last year, the track had total purse distribution of $21.3 million, which was down 7.8 percent from the total purse distribution the previous year.

The subsidy has been extended multiple times over the past seven years, but its renewal has often been politically divisive. Monmouth and its allies in the legislature have argued that the economic impact of racing and breeding in the state justifies the award.

Monmouth Park is owned by the state, but Darby Development has an agreement to lease the track into the next century. Darby is pursuing several large development projects on the property.

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