NJ Governor Signs Purse Subsidy Bill Into Law

As expected, New Jersey Gov. Phil Murphy has signed legislation that will appropriate $20 million a year—$10 million to Thoroughbreds and $10 million to Standardbreds—for purse subsides for each of the next five years.

In signing the legislation Feb. 14, Murphy said the money will support thousands of racing industry jobs.

"New Jersey's horse racing industry is a key economic engine, supporting thousands of jobs and attracting tourists and fans from around the world," said Murphy. "Our state has a long and proud history of horse racing and we must recapture our competitive edge in the industry. With this funding, New Jersey can continue to offer one of the most exciting horse racing experiences in the nation, while also providing a boost to an industry that is integral to our economy."

Angst: NJ Assembly Approves $10 Million Annual Purse Subsidy

Dennis Drazin, who heads Darby Development, which operates horsemen-owned Monmouth Park, had noted Murphy's support of the legislation throughout the process of it moving forward to his desk.

"The New Jersey Thoroughbred horse racing and breeding industry is extremely excited and thankful Governor Murphy signed into law the purse subsidy legislation," Drazin said. "This effort to help racing and breeding in New Jersey has always been a high priority for Governor Murphy to help a struggling industry that supports 13,000 jobs and helps preserve 176,000 acres of land dedicated to preservation and open space. In addition to Governor Murphy we would like to thank leadership and all legislators that helped make today possible. As a result of today's action, horse racing in New Jersey will survive and prosper."