NJ RACING COMMISSION DISCUSSES FREEHOLD CLOSURE; MEADOWLANDS OFFERS TO ADD DATES IN EXCHANGE FOR FREEHOLD'S PURSE SUPPLEMENTS

TRENTON, NJ -- October 2, 2024 -- Given the impending closure of historic Freehold Raceway at the end of the year, an executive with Meadowlands told the New Jersey Racing Commission at its Oct. 2 meeting that owner Jeff Gural is prepared to add racing dates should the $1.6 million in Freehold purse supplements be awarded to Meadowlands for the 2025 season.

The NJRC later in the meeting awarded the bulk of the $20 million in legislated purse supplements for next year but tabled a decision on the money set aside for Freehold. Gov. Phil Murphy approved the supplements for 2025-29 before Penn Entertainment and Greenwood Racing announced that the track, and its two off-track betting locations, would close at the end of 2024.

“Meadowlands is on the record that if the (Freehold) subsidy goes to Meadowlands, it would pick up some Freehold dates to alleviate pressure on the horseracing industry in the Garden State,” said Jason Settlemoir, chief operating officer and general manager at Meadowlands.

The NJRC has not yet awarded racing dates for 2025, so there is time for Meadowlands to prepare a schedule that includes additional racing opportunities.

During a public comment session, representatives of Standardbred horsemen commented on how Freehold had fallen into disrepair; how the end of live harness racing in central New Jersey will impact many small owners, trainers and breeders in Monmouth and neighboring counties; and how a purchase of the racetrack by another ownership group would be the best option going forward.

(The Standardbred Breeders and Owners Association of New Jersey earlier announced it had filed a complaint against FR Park Racing LP and PlayUp Interactive Inc. in the United States District Court for the District of New Jersey. The complaint asserts that FR Park Racing breached its contractual obligations to the SBOANJ concerning the general operations of Freehold as well as the sharing of sports wagering revenue generated through the track. The complaint alleges the operator and its sports wagering partner owe the SBOANJ hundreds of thousands of dollars from sports betting as required by a revenue-sharing agreement.)

On the Standardbred side, the NJRC allocated the following supplements for 2025: Meadowlands, $6 million for overnight purses; $1.2 million for the New Jersey Sire Stakes program; $600,000 in bonuses for New Jersey-sired horses; and $600,000 in breeders’ awards. Monmouth Park will get the other $10 million for overnight purses.

Freehold’s dedicated share of $1.6 million amounts to 16% of the total $20 million.

In other business, the NJRC as is customary created a committee to make recommendations on how $251,940 in Casino Simulcast Special Fund money generated in 2023 should be awarded at the commission’s November meeting. The fund, which was created to offset the impact of casino gaming on the racing industry, was in the millions of dollars years ago when many Atlantic City casinos had race books.

Borgata had the only remaining race book in Atlantic City, but according to its website, it has closed.

The NJRC at the Oct. 2 meeting also approved an order regarding the cessation of operations at Freehold, Favorites at Toms River, and Favorites at Gloucester County. The order imposes conditions on the operating entity to ensure betting customers are paid after closure, accumulated purse funds are accounted for, and revenue reports are filed under all funds are exhausted.

With the closure of Freehold and the two OTB operations, Penn Entertainment will end business in New Jersey. Greenwood Racing, which owns Parx Racing and its casino, shuttered Atlantic City Race Course and its simulcast operation in early 2015.