After a dozen years as lessee of Monmouth Park Racetrack, the New Jersey Thoroughbred Horsemen's Association (NJTHA), in conjunction with the New Jersey Sports & Exposition Authority (NJSEA) has transferred the racetrack, effective immediately, to Dennis Drazin's Darby Development LLC, under a new 85-year lease agreement, the track said in a release on Thursday.
Darby had been the operator of the racetrack under the NJTHA and will now take full custody of the grounds with sights set on further expansion.
“Let me start by thanking Governor Murphy for entrusting me, and my entire team, with one of New Jersey's most iconic landmarks and one of the nation's top racing venues,” said Drazin, Chairman and CEO of Darby. “While we have been operating the racetrack for just over the past decade, we can now implement our vision for the future, which includes, in conjunction with Morris Bailey, a world-class housing project with full amenities, sports complex, first-class hotel and much, much more. All of this will complement and support our main business, horse racing.”
In a separate release the same day, Bailey's JEMB Realty, which owns and operates commercial and residential properties throughout North America as well as the Resorts Casino in Atlantic City, confirmed that they will spearhead the development projects at Monmouth. Groundbreaking is set for late 2025 and includes 80 acres which are located adjacent to track. Plans include the phased development of a 298-unit residential building, a 200-key hotel and a youth sports community center to support future generations of young athletes. Additionally, the team is exploring a variety of entertainment options including music venues and experiential retail components.
Dennis Drazin | Equi-Photo
“We are committed to providing fans with top-quality racing at a venue second-to-none,” Drazin said. “Today's actions will ensure a robust future for Thoroughbred racing in the Garden State and it's with great pride and humility that we embark on a new future for Monmouth.”
“Monmouth Park Racetrack is an iconic New Jersey attraction,” said Governor Phil Murphy. “We are thrilled to see this project move forward, which will bolster the local economy and ensure that the area is a popular destination for generations to come.
Now in its 79th season of racing and with roots dating back to 1870, Monmouth Park Racetrack, saw a rebirth in 1946 under Amory L. Haskell. In 1986, the State of New Jersey acquired the racetrack and operated it under the NJSEA until 2012, when the NJTHA took the reins as lessee.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
