Mike Musto | Horse Racing Free Tips

NJ Legislature Passes Bill to Extend Purse Subsidies Through 2029

Assembly Bill 5893, which called for an extension of annual purse subsidies given to New Jersey's Thoroughbred and Standardbred Industries through 2029, was passed Monday by the New Jersey Senate by a 35-1 margin. The bill had earlier been passed by the Assembly, by a margin of 73-0, and will now head to the desk of Governor Phil Murphy, who is expected to sign the legislation into law.

The bill calls for a $20 million subsidy to be split evenly among the two breeds.

The money is seen as a critical lifeline as New Jersey's tracks do not receive revenue from any outside sources, namely from the Atlantic City casinos. Without the subsidy, Monmouth purses would fall behind those offered in nearby states like Pennsylvania and Maryland.

“What it does is give our breeders, owners and trainers opportunities through 2029,” said New Jersey Thoroughbred Horsemen's Association Executive Director Michael Musto. “It establishes a continuation of the stability we have now in New Jersey. Thanks to Dennis Drazin [the chairman and CEO of Darby Development, operator of Monmouth Park] 100% of our money goes to overnight purses and that's the heart of what makes racing in New Jersey. It's really encouraging. It's really Dennis Drazin who makes this all possible.”

Earlier bills had already guaranteed the subsidy for 2024. The extension will now keep the subsidy in place through 2029.

According to the Daily Racing Form, last year, Monmouth distributed $31 million in purses over 56 live racing days, for an average of $553,000 a day, the highest in its history, with one-third of that money coming from the subsidy.

As a condition of receiving the subsidy, Monmouth, which is run by the state's horsemen, must issue a report to the legislature, the governor and the New Jersey Racing Commission on how the funds were appropriated.

The subsidies appear to be helping as Monmouth has recorded increases in average total handle and average on-track handle three straight years. The average total handle in 2023 was $4,032,648, an 11.4% increase over last year's average of $3,620,719.

Monmouth is scheduled to open on May 11 and run a 51-day meet. A 10 day meet of all-turf racing at the Meadowlands will commence when Monmouth closes.

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NJTHA Issues Statement on Forbes’s Passing

The New Jersey Thoroughbred Horsemen's Association issued the following statement on the passing of horseman John Forbes, their longtime president who passed away Sunday at the age of 73.

We are incredibly saddened by the passing of our friend, colleague and mentor John Forbes.

Born to a family of horsemen, John was the consummate horseman. He was old-school. He was devoted to the horse, the industry and its people. He was never satisfied with the status quo. He demanded of the industry that which he expected of himself—honesty, integrity, hard work and an unrelenting determination to protect the health, safety and welfare of the horse, the integrity of our sport and the welfare of those who worked on the backstretch. He was a generous, compassionate and decent man. He was beloved and respected by everyone who knew and worked with him.

In 1987, John asked his friend Alan Foreman to help form a new horsemen's organization that would be progressive and strengthen the voice of horsemen in the industry. Rick Violette joined the effort thereafter and the THA was born. But for John, there would not be a THA, and the record of the THA's impact on the industry can easily be measured since that time. There is not an issue involving the health, safety and welfare of the horse and the integrity of our sport that doesn't have John's fingerprints on it. In recognition of his lifetime of service to horsemen, the industry and the THA, we proudly honored him with our President's Award in 2018.

Just as important, John was a giant in New Jersey racing. He loved Monmouth Park and was devoted to its survival and success. He was New Jersey's greatest trainer, and when he retired from training, did what he could to ensure Monmouth's survival, including constructing and operating a world-renowned miniature golf course on the property that hosted 2 US Opens and earned him a spot in the Pro Mini Golf Hall of Fame. We think it fair to say that but for John Forbes, there would be no Thoroughbred racing industry in New Jersey.

Our deepest condolences to Vicki, John T, Anne and Carrie, his colleagues Mike Musto and Dennis Drazin, his trainer/partner Pat McBurney and his multitude of friends. We will miss him and pledge to honor his memory.

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