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New Jersey Sports Authority Approves Racetrack Bailout

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The New Jersey Sports and Exposition Authority gave approval Wednesday to an $86 million casino-funded bailout of the state's financially troubled horse-racing tracks.

"In exchange, the tracks will delay their plans to install video slot machines that would threaten the gaming monopoly of Atlantic City casinos.

"Under the plan, casinos will pay $86 million in subsidies to the Meadowlands, Monmouth Park and Freehold Raceway tracks to boost purses and attract higher-quality races that would allow them to compete with tracks in neighboring states.

"Most of the money - $52 million - will come from the Casino Reinvestment Development Authority, or CRDA, the state agency that uses gaming revenue for housing projects and economic development in Atlantic City and other parts of the state.

"…Atlantic City Race Course, which has a limited number of live races, is considered too small of an operation to be included in the bailout.

"…Casinos will pay the subsidies over the next four years. In return, the racetracks will postpone any attempts to install video slot machines for at least four years…"

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