New Jersey Restores $10M Subsidy for Monmouth Park

Monmouth Park announced July 1 it will receive an annual $10 million purse subsidy from the state of New Jersey in 2027 after the state budget was signed by Gov. Mikie Sherrill late Tuesday night. "We are grateful to the governor and the entire legislature for recognizing how important horse racing is to New Jersey," said Dennis Drazin, chairman and CEO of Darby Development, which operates Monmouth Park. "In addition to a personal thank you to Governor Sherrill, I want to thank Senators Vin Gopal and Paul Sarlo for their tireless work to support this industry and appreciating its impact across the state." In addition to its vital role of preserving farmland and the agricultural support services that come with it, horse racing in the Garden State provides an economic impact of more than $4 billion, accounts for nearly 4,000 jobs, and provides more than $75 million in tax revenues. In an earlier version of the governor's budget, the state's purse subsidy for Monmouth had been cut to $5 million. This proposed cut prompted the Thoroughbred Breeders' Association of New Jersey with Darby Development to support legislation that would have allowed race dates to be reduced to no less than 40 if the subsidy had been cut to $5 million and allowed dates to be dropped to 25 only if no subsidy had been approved. "As anyone in business knows, uncertainty is the enemy," Drazin added. "With $10 million secured for next year's purses, we can move on from uncertainty and continue to build a better industry and a better Monmouth Park." The 2026 Monmouth Park racing season will run 50 live racing days through Sept. 13, with the highlight of the meet, the $1 million Haskell Stakes (G1) set for July 18.