New Jersey Purse Subsidy Bill Approved

A week after the New Jersey Senate Budget and Appropriations Committee unanimously advanced a bill that would provide purse supplements to the state's racetracks, it was unanimously approved by the full Senate Dec. 17.

The bill would see $20 million a year committed to Thoroughbred and Standardbred purses for the next five years. Monmouth Park would receive $10 million for each of the next five years for purses to be allocated at its meet and the short Monmouth at Meadowlands turf meet.

The bill's sponsors include Sens. Vin Gopal, Paul Sarlo, Steven Oroho, and Richard Cody. During the Dec. 10 committee hearing, Thoroughbred Horsemen's Association reported that lawmakers noted the horse racing and breeding industry contributes about $1 billion in economic development for New Jersey as well as thousands of jobs as part of a $4 billion equine industry in the state.

Purse supplements, derived from payments from Atlantic City casinos in exchange for the racing industry not pursuing casino-style gambling, had previously been in place in New Jersey but were ended under former governor Chris Christie.

THA reports that Dennis Drazin, who heads Darby Development, which runs Monmouth for horsemen, has been working on the reinstatement of purse supplements for at least a year as part of a goal to provide multiple revenue streams for Monmouth and its horsemen.