With Plans To Build A Hotel, Residences And More, A New Look For Monmouth Park

Monmouth Park sits on 310 acres of land in Oceanport, NJ, but, as is the case with most tracks in a modern era where on-track crowds have dwindled, much of the property includes empty stands and parking lots. But that is about to change as real estate developer and horse owner Morris Bailey has unveiled plans to develop 80 acres of the property that will be used to for a 298-unit residential building, a 200-room hotel, a youth sports center and, perhaps, a concert venue.

Dennis Drazin said it has yet to be determined when construction will begin, but there have been reports that it will start in the fall of 2025.

“We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts,” Bailey said. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while including important components that serve the community at large. After an intensive, complex and lengthy process, our plans will create a vibrant lifestyle destination for future generations and will put the racetrack on a trajectory for enormous growth.”

The project actually began to take shape in 2012 when Bailey, the owner of Resorts Casino Hotel in Atlantic City, sought to buy Monmouth when the state of New Jersey put it up for sale. Ultimately, he could not work out a deal and the plans were put on hold as the New Jersey Thoroughbred Horsemen's Association took control of the track. Dennis Drazin, whose company, Darby Development, has assumed full custody of the property under a new 85-year lease agreement, said that Bailey had waited for the real estate market to change before launching the project.

“At that point in time the economics just weren't there,” Drazin said. “But the real estate market has changed so much over the past several years. It has just exploded here in Monmouth County. The prices are unbelievable. If you would have told me 20 years ago that there were going to be multi-million-dollar condos in Long Branch, I never would have believed it. But that's the reality.”

Dennis Drazin | EquiPhoto

Darby Development and Bailey have worked out a revenue sharing agreement which equates to more purse money and the ability to address other racing-related expenses. The guarantee is that racing at Monmouth Park remains a viable business for years to come.

“Monmouth Park Racetrack is an iconic New Jersey attraction,” Governor Phil Murphy said. “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 years to come. Through this important development, the history and legacy of this racetrack will not only be solidified but expanded and enhanced so that more New Jerseyans can experience its excitement.”

While Drazin has said that several additional projects, including the concert venue, are still being considered, the hotel and the residential building are seen as the most important facets on the project. The residential building will be built on the large parking lot across the street from the track, which, on most days, sits empty. Drazin said it will be 55-and-over residence so as not to overwhelm the local schools. It has yet to be decided where the hotel will be built. Drazin said that the concert venue and other “entertainment type projects” will also be considered.

With Monmouth not receiving anything in the way of revenue from slot machines or casino gaming, Drazin and his team are always on the lookout for new sources of revenue. The state gives the track an annual subsidy of $10 million to go toward purses, but more money is needed for Monmouth to be able to improve its racing product and solidify its future. The new projects will help.

“There's a requirement in the lease, basically a 50-50 split on the revenue,” Drazin said. “Thirty five percent of the total revenue will get spent on racetrack related expenses and 20 percent of that will go into the purse account. It's all positive. Morris has always had racing foremost in his vision.”

Drazin said that the global sports and event architecture firm Populous has signed on to handle the project. Populous is the same firm that is behind the rebuilding of Belmont Park and Pimlico.

“They are a top-flight, really great company,” Drazin said. “They created the vision.”

Drazin said that the construction will not create any problems for on-track fans other than that Monmouth will need to find additional parking space for the late crowd that shows up each year for the running of the GI Haskell Stakes.