New Jersey will provide $10 million annual purse subsidy to Monmouth Park through 2029

Monmouth Park in Oceanport, N.J., will continue to receive a $10 million annual purse subsidy through 2029 under a bill passed unanimously by both houses of the state legislature and signed by Gov. Phil Murphy on Friday.

The $10 million subsidy has been a critical lifeline for Monmouth since first authorized in 2019. The grant typically comprises about one-third of the total purse distribution at Monmouth, a seaside track that remains a popular destination in the racing world.

Late last month, the state, which owns Monmouth, granted an 85-year lease to Darby Development Corp. to operate the track. Darby Development, which is headed by horse owner and attorney Dennis Drazin, had been operating the track previously under an agreement with the state’s horsemen, which were the previous leaseholders.

Under the new lease, Darby is expected to pursue development projects on the Monmouth property in partnership with JEMB Realty, which is led by Morris Bailey, a horse owner as well. Groundbreaking on the first phase of the project is expected to begin in late 2025.

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Early this year, Murphy had issued a pocket veto of a bill that would have extended the subsidy through 2029, but his office had said that the veto was issued because it was passed in the closing days of a lame-duck session. In this year’s full session, the Assembly passed the bill 76-0, and the Senate passed the bill 40-0.

“We’re in a very competitive market in the Northeast, where purse structure is vital to attracting top horses and putting on the highest quality product we can,”

Drazin said in a statement. “This added purse money keeps us on solid footing to continue to offer first-class racing to fans.”

The bill also directs $10 million annually in purse subsidies to Standardbred racing in the state.

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