This bill extends the annual horse racing purse subsidies provided to the New Jersey Racing Commission from the current fiscal year through State fiscal year 2029, increasing the duration of funding from the previous requirement of fiscal year 2023. The bill mandates an annual appropriation of $20 million, which will be equally divided between the thoroughbred and standardbred industries. Specifically, all funds allocated to the thoroughbred industry will be directed to Monmouth Park overnight purses, while the standardbred industry will receive funds distributed as follows: 60% to Meadowlands overnight purses, 16% to Freehold overnight purses, 12% to the New Jersey Sire Stakes purses, 6% for purse bonuses for New Jersey sired horses, and 6% for breeders awards purses.

Additionally, the bill introduces a requirement for recipients of these funds to submit an annual report detailing the use of the appropriated funds and their impact on various aspects of the racing industry, including the number of races held, horses in races, and overall betting activity. The Legislature retains the authority to decide on future appropriations based on the findings of these reports, ensuring that funding continues only if it is determined to have substantially improved the racing industry in New Jersey.

Statutes affected:
Introduced: 5:5-99.1, 5:5-99.2