In an effort to support the local horse racing industry, Senator Vin Gopal and Assemblyman John Burzichelli will introduce a bill (S2312/A4413) that designates $20 million from the General Fund to the New Jersey Racing Commission for allocation to the thoroughbred and standardbred industries for horse racing purse subsidies.
“The horse racing industry is critical to the economy of Monmouth County, which is home to Monmouth Park and Freehold Raceway,” said Senator Vin Gopal. “New Jersey’s horse racing industry has faced challenges in recent years. Monmouth Park has struggled since losing a $17 million annual payment from the state’s casino industry to supplement purses in 2011, while the thoroughbred industry has been unable to keep pace with tracks in neighboring states with purse structures bolstered by casino dollars. We cannot allow venues like Monmouth Park to falter. In ensuring this vital industry is properly supported, we secure direct and indirect jobs for countless hardworking New Jersey residents and maintain a stable local economy.”
“New Jersey’s horse racing industry employs thousands of New Jersey residents and supports a variety of industries, from horse breeding, to agriculture and manufacturing,” said Assemblyman John Burzichelli. “This industry is far too important to the success of our great state to allow it to fail. We must do our part to support the horse racing industry and tracks like Monmouth Park to ensure the continued success of our economy and job stability for countless individuals.”
The funds will be allocated equally between the thoroughbred and standardbred industries. Funds allocated to the standardbred industry are required to be allocated 60 percent to Meadowlands Overnight Purses; 16 percent to Freehold Overnight Purses; 12 percent to New Jersey Sire Stakes; 6 percent to purse bonuses for New Jersey Sired Horses; and 6 percent for Breeders Awards. Funds allocated to the thoroughbred industry are required to be allocated 100 percent to Monmouth Park Overnight Purses.