Multifamily housing, a 200-room hotel, retail offerings, entertainment elements and youth sports facilities are slated for the 80 acres around Monmouth Park, where racing is slated to continue at the New Jersey track under an 85-year lease agreement.
It was announced today by the track that the New Jersey Thoroughbred Horsemen’s Association, along with the New Jersey Sports & Exposition Authority, has transferred the racetrack to Dennis Drazin’s Darby Development LLC. That entity had been operating the racetrack and now will have full control over the property. Groundbreaking for the new project is set for late 2025.
“Let me start by thanking Gov. (Phil) Murphy for entrusting me, and my entire team, with one of New Jersey’s most iconic landmarks and one of the nation’s top racing venues,” said Drazin, chairman and CEO of Darby.
“While we have been operating the racetrack for just over the past decade, we can now implement our vision for the future, which includes, in conjunction with (developer) Morris Bailey, a world-class housing project with full amenities, sports complex, first-class hotel and much, much more. All of this will complement and support our main business, horse racing.”
Bailey, a horse racing enthusiast whose JEMB Realty owns and operates North American commercial and residential properties, as well as the Resorts Casino in Atlantic City, will lead the development projects at Monmouth Park. Groundbreaking is set for late 2025.
“We are committed to providing fans with top-quality racing at a venue second-to-none,” Drazin said.
“Today’s actions will ensure a robust future for Thoroughbred racing in the Garden State and it’s with great pride and humility that we embark on a new future for Monmouth.”
Monmouth has 51 days of live racing at the track near the Shore in Oceanport, mostly on weekends, May through September. It also has 10 days at the Meadowlands in northern New Jersey during September and October.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” said Gov. Murphy. “We are thrilled to see this project move forward, which will bolster the local economy and ensure that the area is a popular destination for generations to come.
“Through this important development, the history and legacy of this racetrack will not only be solidified but expanded and enhanced so that more New Jerseyans can experience its excitement.”
“The NJTHA have been great tenants and partners for the last 12 years,” said Paul Juliano, president and CEO of the NJSEA.
“I, along with everyone at the NJSEA, join the governor in taking great pride in securing sustainability and the long-term success of Monmouth Park Racetrack with the new lease for generations to come.”
Said Bailey, “We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts.
“We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment, while including important components that serve the community at large. After an intensive, complex and lengthy process, our plans will create a vibrant lifestyle destination for future generations and will put the racetrack on a trajectory for enormous growth,” he pledged.
Monmouth has roots dating back to 1870, but a state ban on parimutuel betting eventually closed it down. The track reopened in 1946 under Amory Haskell, who had led the legislative effort to permit wagering on horse racing again. The track’s featured race, the $1 million Haskell Invitational in July, is named after him.
In 1986, the state acquired the racetrack and operated it under the NJSEA until 2012, when the NJTHA took the reins as lessee.