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NJ officials bet on Breeder's Cup22 October 2007NEW JERSEY -- As reported by the Ashbury Park Press: "Officials of New Jersey's ailing $500 million horse racing industry are clinging to the idea that the road to recovery will start when the sport is showcased at the Breeders' Cup. "The $23 million series of races, which annually attract global attention, will be held Friday and Saturday at Monmouth Park in Oceanport. "But hopes of having a new revenue source from installing video lottery terminals at the Meadowlands Racetrack in East Rutherford have been shot down by the governor, leading racing officials to scramble to renew a program in which the Atlantic City casinos subsidize race purses. "The casino industry already has been subsidizing horse racing purses — paying $21.5 million per year — in exchange for track operators agreeing to not pursue bringing slots to the tracks, which casino owners say would hurt business in Atlantic City..." |