New Jersey purse subsidy trimmed 25 percent for 2021
RACE REPLAY IS NOT AVAILABLE
A New Jersey state budget passed by the legislature and signed by Gov. Phil Murphy includes $15 million in subsidies for the state’s harness and Thoroughbred industries, down $5 million from the total outlay in the two years preceding.
New Jersey racing officials expressed satisfaction that the $15 million subsidy was inserted into the final budget bill, given that a preliminary budget submitted by Gov. Murphy to the legislature earlier in the year did not include any money for the horse industry at all.
“Obviously, we’re very happy that the legislature and the governor saw fit to protect horse racing,” said Dennis Drazin, the chief executive of a horsemen-owned company that operates Monmouth Park under a lease from the state.
In 2018, the state legislature approved a $20 million annual subsidy, split between the harness and Thoroughbred industries, as a way to boost purses in the state. The measure was passed as a five-year outlay, but it required approval each year by the legislature.
:: Want to get your Past Performances for free? Click to learn more.
Gov. Murphy’s initial budget proposal included substantial cuts to a wide array of government programs and outlays due to the disruption caused by the coronavirus pandemic.
Although the subsidy was cut by 25 percent, Drazin said purses at Monmouth Park next year will be similar in size to purses at the track this year, largely due to the fact Monmouth has exceeded its budget projections for this year. That budget was developed in the midst of the coronavirus pandemic, when it was uncertain how Monmouth would perform this year.
Since reopening in early July, Monmouth has received approval to allow as many as 4,000 spectators a day, and a racebook on its property has also reopened, at a time when all four major sports leagues, including the NFL, are holding games. Monmouth also received approval to add nine live race dates to its schedule this year.
“When you put all those things together, we’re above what we thought we would be doing this year,” Drazin said.