New Jersey’s state- and casino-supported racing industry should no longer receive financial assistance, and the Meadowlands racetrack should be closed or sold for a nominal fee, according to a report released Wednesday that was prepared by a panel studying New Jersey’s racing and casino industries.   Citing a projected loss of $30 million in 2010 for the state-owned operator of the Meadowlands and Monmouth Park, the report also called for the sale of Monmouth, the racetrack on the Jersey shore that is using state assistance and a $17 million casino subsidy to fund $50 million in purse distribution over a 50-day meet this year. Monmouth and the Meadowlands are owned and operated by the New Jersey Sports and Exposition Authority, which also owns or operates several other sports complexes in the state.   “Financial losses of the NJSEA must not be allowed to continue,” the report said. Separately, the report said that “the state would be hard-pressed to financially support the horse racing industry in the current economic environment.”   The report was prepared by a seven-member panel convened by Gov. Chris Christie to issue recommendations on how to address problems within the state’s casino and racing industries. Many of the recommendations would need broad support from legislators and the executive branch in order to be implemented.   Christie said in a statement Wednesday that he “look[s] forward to reviewing all of the Commission’s recommendations.”   The report says that the Meadowlands should be closed because the state cannot support two unprofitable racetracks, but the report also said that the state should consider leasing the Meadowlands to harness interests for $1 a year. The Meadowlands currently conducts one of the most high-profile Standardbred meets in the country.   The report also said that the state should not consider the legalization of slot machines at the Meadowlands property, citing the potential need for a constitutional change and what would likely be a drawn-out process. However, racing officials have said that the report’s reluctance to consider slot machines at the Meadowlands - which is eight miles, as the bird flies, from the center of Manhattan - was a concession to Atlantic City’s struggling casinos.   Atlantic City casinos have provided $90 million to the New Jersey Sports and Exposition Authority’s racing operations over the past three years, in an agreement that prohibits the authority from lobbying for slot machines through the end of 2011. The agreement does not provide for any payments in 2011, and the report said that “the casino industry has stated that it will no longer support horse racing through purse supplements.”   Horse racing officials had said in recent days that they expected the report to take a negative view toward horse racing’s ongoing use of purse supplements and the NJSEA’s financial performance. However, the officials have also said that they expected the recommendations to be subject to an enormous amount of political pressure.   “Right now we have to see what Christie and the legislature are going to do,” said Dennis Drazin, the former legal counsel of the New Jersey Thoroughbred Horsemen’s Association who is the incoming chairman of the New Jersey Racing Commission. “I would think for the next year it’s going to be business as usual at the racetracks.”   The report also offered the possibility of using Monmouth Park to host a Standardbred race meet, though that plan would require extensive renovations to the racing surface and winterization of the track’s facilities, the report said. In addition, the report recommended that racing officials focus on expanding the state’s off-track betting network.   While the report recommends selling Monmouth Park and the Meadowlands, it is unclear why investment groups would be interested in buying properties that the state acknowledges are unprofitable unless the groups received assurances that casino-type gambling would be considered at the sites in the future - a short-term longshot, considering the political weight of Atlantic City’s casinos. Any effort to sell the tracks would require the state to conduct a formal bidding process.