New Jersey’s Assembly on Thursday approved a measure that will inject $100 million over five years into the state’s horse racing industry.
The state Senate okayed the bill last December. It now goes to Governor Phil Murphy, who is expected to sign it.
Under the measure, $20 million a year will go to the state’s racetracks and breeding programs. Monmouth Park will receive $10 million a year, while the Meadowlands will receive $6 million and Freehold gets $1.6 million. The remainder will go to standardbred sire stakes and breeding programs.
The money effectively replaces two-thirds of a subsidy that was in place years ago in New Jersey — casinos offered the money in exchange for racetracks not pursuing slot machines. That subsidy was eliminated in 2011.
“I think it’s a terrific deal for the taxpayers of New Jersey,” said Jeff Gural, operator of the Meadowlands. “The revenues that the sport generates are far greater than the $20 million and the money is mainly going to people who own horses in New Jersey. And we employ a lot of people at the racetrack and would be out of a job because we’re drowning.”
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