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Renovation Paying Off for Now

Monmouth Park’s recent renovation seems to have paid off, or as experts say, for now. The park is hosting the 40^th running of the Haskell Invitational, and it carries a $1 million purse. It is also holding the Breeders’ Cup Championship race with a purse of $23 million. So all of the business that they have going on this summer could work out very well for them, and will help to increase the purses.

This would not have been possible had it not been for the $30 million renovation that the state paid for, but experts say that it is merely a band-aid on a gaping wound. With the other tracks within their competition zone having slot machines, they cannot compete for long. The tracks have long asked for the slot machines as well, but the state and the casinos have long fought against giving them to the tracks as they feel that it would seriously hurt the casino industry.

With slot machine revenues already down in Atlantic City, casinos there say that adding slot machines to the tracks would only make it worse. The Meadowlands Racetrack in East Rutherford says that they will not survive without them as the competition for their racing dollars is at an all time high. Wagering at the track is down 18% from last year, while New York’s Yonkers Raceway and Philadelphia’s Chester Downs have been bringing in slot machine enriched races.

The casinos have been giving them a purse subsidy in lieu of slot machines but that four year agreement is coming to an end next year. Governor Corzine said that they are considering slot machines or video lottery terminals at the tracks to boost their numbers, but the casinos are “unanimously opposed.” The tracks say that they would be willing to do a “reasonable extension” to that agreement, but it will not solve long-term concerns for the tracks.

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