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.
