Monmouth Park horseracing track is expected to benefit from revenue generated by two new casinos in northern New Jersey if the state’s voters approve a November referendum on building the casinos.
But officials for Oceanport NJ, the track’s home, say the plan gives the track too little aid to help keep it afloat and have come out against the referendum.
The referendum before state voters in November would allow two new casinos to be built outside of Atlantic City in the northern part of the state. The referendum does not name locations for the casinos, but The Meadowlands and a site in Jersey City are considered the leading contenders.
Though Monmouth Park had lobbied to be included as a potential site for the casinos, it would not be considered under the current makeup of the plan.
The plan allocates monies from any tax revenue on the new casinos to help the state’s racetracks, but Oceanport officials said the amount of that aide has been significantly reduced from initial promises.
“What Trenton has done, in their ultimate wisdom, is earmark a portion of the revenue from the casino in the Meadowlands to Monmouth Park, but unfortunately that percentage is two percent of a smaller percent,” Oceanport Councilman Joe Irace said at a recent Oceanport Council meeting. “They’ve effectively said, we’ll give you a percentage of the revenue, about $2.5 million, and that’s not nearly enough, and they are still looking for our support.”
He and several other local officials came out against the referendum at the meeting unless changes were made to the funding, according to local news service Greater Media Newspapers.
The track is the borough’s largest taxpayer, but has been struggling with revenue and falling revenue. The racetrack has had a difficult time finding new revenue and was banking on offering sports betting under a new state law that was ultimately overturned in federal court. In 2012, Monmouth Park partnered with British bookmaker William Hill to create a state-of-the-art sportsbook at the racetrack.
The state, however, has been unable to adopt a sports betting law as courts have consistently upheld a federal ban.
The track also hoped to be the site of one of the new casinos, but the plan was written with geographic restrictions that eliminated the Monmouth County based track as a site for being too close to Atlantic City.
Oceanport Mayor Jay Coffey said the state has put the borough racetrack in a difficult situation.
“This insane limitation that is placed upon the referendum in November that says you can’t have gambling less than 72 miles from Atlantic City,” he said. “That means you can’t have it at Monmouth Park, the most beautiful racetrack this side of Saratoga. Trenton just seems to be a place where smart people do stupid things repeatedly at great cost.”
