Wednesday, May 09, 2007

New Jersey

New Jersey's horse racing industry may get a financial boost in the form of bigger purse subsidys from Atlantic City's casinos when the current deal expires after the 2008 season. The casinos have put up $86 million over the past four years to increase purses at Monmouth Park and the Meadowlands (in exchange for keeping slot machines out of the tracks).

According the the article linked above, the casinos may double the subsidy to continue the monopoly on slot machines in the state. This would be great for New Jersey. They currently have the most attractive state bred program in the region, and doubling subsidy's would only make it better. In addition to increased purses, New Jersey could use the money to increase stallion and breeders bonuses to reinforce the agricultural side of the industry.

I have been following this story very closely over the past few months, as I have a financial interest in New Jersey bred horse. When I looked at the condition book for Monmouth Park, I was so impressed with the purses available for state bred races. I live in Maryland, and enjoy Maryland racing, but it would be silly for me or any owner to pass over a New Jersey, or Pennsylvania bred horse and purchase a horse eligible for the Maryland bred package. The states with slots offer owners much greater opportunity, and Maryland is surrounded by slots friendly states.

2 comments:

Anonymous said...

It's really sad. Everywhere you look in Maryland there is a reason not to . . .
Hats off to the Legislature!

Ron said...

I think I heard the purses at Monmouth were the highest average at over $300,000 per day for this meet. They must adding money already from slots to get these great purses. This will be a real shot in the arm for N.J racing and breeding.

 

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