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 if Freehold Raceway ceases to conduct live racing programs, the New Jersey Racing Commission will redirect all funds previously designated for Freehold overnight purses to Meadowlands overnight purses. Currently, the standardbred industry receives 60 percent of its allocated funds for Meadowlands overnight purses and 16 percent for Freehold overnight purses, among other distributions.

The legislation is a response to the anticipated closure of Freehold Raceway at the end of 2024, ensuring that purse subsidies continue to support active racing venues. Should Freehold Raceway resume live racing in the future, the bill allows for the reinstatement of the 16 percent allocation to Freehold overnight purses. Importantly, this bill does not alter the purse subsidy allocations for the thoroughbred industry or other standardbred programs, maintaining the existing financial structure for those sectors.

Statutes affected:
Introduced: 5:5-99.1