This bill amends the allocation of horse racing purse subsidies in New Jersey, specifically reallocating funds from Freehold Raceway to Meadowlands Racetrack under certain conditions. It stipulates that the New Jersey Racing Commission will reallocate any funds designated for Freehold overnight purses to Meadowlands overnight purses if live racing programs at Freehold Raceway cease. Currently, 16 percent of the standardbred industry funds are allocated to Freehold, while 60 percent go to Meadowlands. The new provision ensures that during periods without live racing at Freehold, those funds will support Meadowlands instead.

The bill is a response to the anticipated closure of Freehold Raceway and aims to maintain financial support for the standardbred industry during this transition. If a permit holder resumes live racing at Freehold in the future, the original allocation of 16 percent to Freehold overnight purses will be reinstated. Importantly, this legislation does not alter the purse subsidy allocations for the thoroughbred industry or other standardbred programs, ensuring that those funds remain unaffected. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 5:5-99.1