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New Jersey Lawmakers Cut Only 25 Percent Of Purse Subsidy For 2021 Racing Season

Though the initial budget proposal floated by New Jersey Gov. Phil Murphy cut the state's entire $20 million horse racing subsidy, the budget passed on Tuesday by state lawmakers reduced the subsidy by only $5 million. According to the Thoroughbred Daily News, the 2021 racing season will have a purse subsidy of $15 million, to be split evenly between Thoroughbreds and Standardbreds.

Dennis Drazin, Chairman and CEO of Darby Development, which manages Monmouth Park, said he believes the $5 million difference won't cause purse reductions for the track's 2021 season.

“I am pleased that the Governor has seen fit to give us back 15 of the $20 million that is going to go support purses next year,” Drazin told thoroughbreddailynews.com. “Since it was taken out of the budget, we have worked hard on this and, fortunately, through leadership in the Senate and the Assembly, as well as a lot of our local politicians who supported the effort, the Governor saw fit to put it back in the budget. We would have liked to have had the full $20 million, but given that he is cutting everybody, I am thrilled that the Governor has our back and recognizes the importance of the industry and how important it is to save a lot of jobs and keep us competitive.”

Read more at the Thoroughbred Daily News.

The post New Jersey Lawmakers Cut Only 25 Percent Of Purse Subsidy For 2021 Racing Season appeared first on Horse Racing News | Paulick Report.

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New Jersey Purse Subsidy Cut by Just $5 Million

After a $20 million purse subsidy that was used to bolster purses at New Jersey’s Thoroughbred and Standardbred tracks was left out of an initial budget proposal from Governor Phil Murphy, lawmakers have approval a final budget that will include a $15 million subsidy for the 2021 racing season.

The money will be divided evenly between the two breeds.

“I am pleased that the governor has seen fit to give us back 15 of the $20 million that is going to go support purses next year,” said Dennis Drazin, Chairman and CEO of Darby Development, which manages Monmouth Park. “Since it was taken out of the budget, we have worked hard on this and, fortunately, through leadership in the Senate and the Assembly, as well as a lot of our local politicians who supported the effort, the Governor saw fit to put it back in the budget. We would have liked to have had the full $20 million, but given that he is cutting everybody, I am thrilled that the Governor has our back and recognizes the importance of the industry and how important it is to save a lot of jobs and keep us competitive.”

Though Monmouth will have $2.5 million less to put toward its purse account, Drazin said he didn’t anticipate that there would be a purse cut next year.

Approved prior to the 2019 meet, the purse subsidy was a much-needed shot in the arm for New Jersey racing that brought its purse levels up to a point where they were competitive with neighboring states that benefit from revenues from casinos.

The post New Jersey Purse Subsidy Cut by Just $5 Million appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Authentic Moves One Win Closer To $1-Million ‘BetMakers Bonanza’ Payoff

With Saturday's Kentucky Derby added to his impressive list of accomplishments that includes a victory in the TVG.com Haskell Invitational, Authentic is now just one race away from collecting a $1 million bonus promotion that Monmouth Park and BetMakers have partnered to offer this year.

Known as the “BetMakers Bonanza,” the $1 million bonus goes to the connections of any horse that wins the TVG.Com Haskell Stakes, the Kentucky Derby and the Breeders' Cup Classic.

The Breeders' Cup Classic will take place Nov. 7 at Keeneland.

Authentic captured the 53^rd edition of Haskell on July 18, extending trainer Bob Baffert's record to nine victories in Monmouth Park's showcase race. The Haskell victory also qualified Authentic for the Breeders' Cup Classic with its “Win and You're In” designation.

“It would be fitting if, in the first year of the $1 million bonus, a horse trained by Bob Baffert earned it. Bob's support of the Haskell through the years with top quality 3-year-olds continues to validate the Haskell's importance on the 3-year-old calendar,” said Dennis Drazin, Chairman and CEO of Darby Development, operators of Monmouth Park.

The Haskell has been a consistent stop for Kentucky Derby winners throughout its history, although this year marked the first time the Haskell has been contested before the Kentucky Derby. COVID-19 forced the Kentucky Derby to be moved from its traditional spot the first Saturday in May to the first Saturday in September this year.

In 2015, Triple Crown winner American Pharoah added to his legacy by making the Haskell his next stop following the Belmont Stakes, attracting a record crowd of 60,983.

American Pharoah is among eight Haskell participants who have gone on to win Horse of the Year, joining Spend a Buck, Alysheba, Holy Bull, Skip Away, Point Given, Curlin and Rachel Alexandra.

The post Authentic Moves One Win Closer To $1-Million ‘BetMakers Bonanza’ Payoff appeared first on Horse Racing News | Paulick Report.

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Commission Approves Monmouth’s Request To Pay Purses Before Post-Race Results Come Back

Purses at Monmouth Park haven't been paid out for nearly the entire meet, which began on July 3, due to logjams at the Truesdail laboratory in California which have delayed the analysis of post-race tests. On Monday, Darby Development chairman and CEO Dennis Drazin told drf.com that the New Jersey Racing Commission had approved a request for Monmouth to pay out purses on races at least 11 days old, even without the post-race test results.

New Jersey Gov Phil Murphy still needs to sign the commission's order for the policy to go into effect, but Drazin said he expects the governor to do so within the next 48 hours.

“We're hopeful this will all get expedited, and we think we'll be able to issue those payments starting Wednesday or Thursday,” Drazin told drf.com.