Surrounding Development Could Boost Monmouth's Future

In BloodHorse's "At the Track" monthly column, we take a look at some of the unique experiences, events, ideas, or facilities racetracks across the country are using to help increase attendance, experiences, wagering, and connections with racing fans new and old. New Jersey racing is set for its traditional day in the national spotlight July 18 as the $1 million Haskell Stakes (G1) is renewed for a 59th time. Last year, 41,876 fans were thrilled by Preakness Stakes (G1) winner Journalism's late heroics, and another large crowd is expected as this year's Preakness winner Napoleon Solo faces six rivals. The future of New Jersey racing has been a rocky topic in recent years, but the state's racing earned a victory earlier this month when Monmouth Park's $10 million purse subsidy was restored by Gov. Mikie Sherrill after there were discussions of cutting it to $5 million. READ: New Jersey Restores $10M Subsidy for Monmouth Park "As anyone in business knows, uncertainty is the enemy," Dennis Drazin, chairman and CEO Darby Development, which operates Monmouth Park, said July 1 when the budget was signed. "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." That vision of a better Monmouth Park is one that Drazin hopes to unveil very soon. The property surrounding Monmouth Park could soon look very different, and those changes are some that could benefit racing. On the July 13 episode of the BloodHorse Monday podcast, Drazin outlined how planned development—which would include a sports complex, 200-room hotel, and 298 residential units for tenants 50 and older—could benefit Monmouth's future. "We're anxious to get into the ground, which will probably be the fourth quarter this year," Drazin said on BloodHorse Monday. "As time goes on, we unfortunately have a lot of parking lots that used to be full that now they're used three days a year: Mother's Day, Father's Day, and Haskell day. We do have a lot of extra land, and we'll be developing those acres in the future." To develop the land, Monmouth entered a 50/50 partnership with JEMB Realty, whose co-founder Morris Bailey has been a horseman for 50-60 years, Drazin said. "Morris stepped up back in 2013, and he offered to put the money to do all the development and share it 50/50 with the horsemen," Drazin said. "The majority of that money has to be used to support the racing operations and the purse account." Half of the revenue generated by the development would come back to Monmouth, where Drazin said about 20% of that and future developments would go directly into the purse account, while another significant portion would go to track operations. "The direct benefit of all this development is that it will enhance the purses and give us money to continue to operate without sustaining a loss," Drazin said. Obviously, more purse money being offered would help attract better horses, improve the racing product and, therefore, make the track more appealing for attendees and attracting more wagering dollars. There have also been several additions to the direct racing facility as well, including a new trackside Caesars Sportsbook, with a viewing deck that overlooks the track, debuting in late 2025. Drazin said recent major events in sports, such as the nearby New York Knicks going on a championship run and the World Cup, have helped the new sportsbook grow its business. They've also occurred during the racing season, with Drazin saying they are already seeing a positive impact on the racing business because of the attendance of the sportsbook. "We see a lot of action at the sportsbook, and we have the outside deck on the clubhouse turn that's been a great addition. (The deck) is some place you can go, sit, have a drink, and eat. People come and they watch the races and enjoy that," Drazin said. Of course, Drazin's dreams for the area go further as he's hopeful one day there will be a casino and a 10-story hotel with terraces overlooking the track alongside the sportsbook, essentially creating a destination racetrack similar to what Oaklawn Park has done in Arkansas. The revenue generated by Oaklawn's casino has helped raise purse money significantly, and made the track one of the sport's premier winter destinations. Drazin, who has spent over three decades fighting for a casino at Monmouth, will have to wait until at least 2028, as the bids to get approval in 2026 were shot down by legislators in the southern part of the state attempting to protect Atlantic City from competition. However, with the prevalence of sports gambling taking the nation by storm, as well as three soon-to-arrive casinos not too far away in New York City, Drazin is confident they'll be able to break through at some point. "The new action in New York may motivate the casinos to change their view, particularly if we can come up with a comprehensive plan that would have money going back to Atlantic City and enable them to reinvent themselves, which would be important," Drazin said. So as the Haskell is hosted for a 59th time this year, likely in front of another large Jersey Shore crowd, the area could start to look quite different by Haskell No. 60. Hopefully, if Drazin's vision comes true, so will the future of New Jersey racing.