NEWS
Monmouth ‘experiment’ a financial success
Posted: Tuesday, September 07, 2010 3:46 PM
Bill Denver/Equi-Photo
by Tom De Martini
Monmouth Park’s bold experiment to create a boutique summer meeting with record purse levels proved a financial success, but doubts linger as to whether enough state funding exists to sustain such lofty levels.
The Oceanport, New Jersey, racetrack combined its final year of subsidies from the state’s casino association with a reduction in live racing dates to offer a record $797,079 in average daily purses.
The experiment’s effects on handle were tangible across the board. Total wagering for 49 dates through Monday soared 87% to $389,550,798 compared with $208,390,601 wagered over 82 live dates last year.
“We were extremely pleased with the outcome of the meet. It exceeded all of ur expectations.” New Jersey Sports and Exposition Authority President Dennis Robinson said. "Our goal for 2011 is to grow what we've established this year, examine what worked and what didn't and how to better market our special events."
On Tuesday, New Jersey Thoroughbred Horsemen’s Association President John Forbes called the experiment a success.
“Our position, aside from not getting slots, is that we sold more bets to customers who wanted to bet on the product. In that respect, it’s a success,” Forbes said.
Forbes did note, however, that state legislators and sports authority officials must find ways to support purses for a similar meeting in 2011 or prepare to honor contracts mandating 141 live dates through ‘16.
“I can say emphatically if there is no funding in place for another $50-million meet, we will run 141 days next year—no matter how low the purses are,” Forbes said. “We’ll do this again for that money, but we’re not going to reduce dates again for less. We’ve thrown the gauntlet. They can’t have it both ways.”
Robinson said the authority is in the midst of discussions concerning next year's funding mechanisms, but did not provide specific information.
The raw numbers released on Monday were impressive. Field size increased 25% to 9.28 horses per race, up from 7.44 last year. That helped drive a 213% increase in average daily handle to $7,950,016.
Average on-track handle rose 79% to $766,506 while average daily attendance jumped to 10,651, a 47% gain compared with 2009.
Forbes said horsemen and the sports authority will continue to work toward devising a formula to build the state’s off-track wagering system, which is projected to generate enough money to fund Monmouth’s current purse structure.
The meeting’s official 50th day will take place on September 18, when Monmouth hosts its annual New Jersey Thoroughbred Festival, featuring four $100,000 stakes races for state-breds.
Live racing continues at Monmouth on Saturdays and Sundays through November 21, which replaces the Meadowlands Thoroughbred meeting. Daily average purses are pegged at $375,000.
The highlight of the fall meeting will be the $300,000 Monmouth Cup (G2), formerly the Meadowlands Cup, on October 9.
Tom De Martini is a New Jersey-based Thoroughbred Times correspondent
READER COMMENTS
|
|
|
Posted by: rob, millstone, NJ on September 16, 2010 at 01:43 PM
awesome meet,hoping the funding will be there for nxt year;there's no reason why nj cant have a vibrant horse racing summer meet and still make a profit if managed correctly.with all the new low denomination bets that are available today the avg peson can still have a thrill for a bargain.just find creative people that can make this happen!
Report Abuse 
|
|
|
|
|
|
Posted by: Vin, Brick, NJ on September 09, 2010 at 08:05 PM
I dont know where MONMOUTH is getting its figures from but if you check there media guide from 5/2009 TO 9/2009
TO 5/2010 TO 9/2010 attendance is way down and on track handle is down from 76,000,000 in 2009 to 37, 000,000 in 2010
Report Abuse
|
|
|
|
|
|
Posted by: Robert, Hollywood, FL on September 09, 2010 at 11:19 AM
Very encouraging results and one of the few positive signs in Thoroughbred Horseracing. However; giving $1,500 dollars just to start, encourages Trainers to enter non-competitive horses [you'll notice 2 or 3 horses in full fields at 50-1 / 99-1]. Uncompetetive horses in large fields can be a safety hazard to the other competitors.
Hope Monmouth carries on with their success, while twinking the few negatives!
Report Abuse
|
|
|
|
|
|
Posted by: Steve, Bernardsville, NJ on September 08, 2010 at 07:18 PM
Racing at Monmouth Park was a bettor's delight, with full fields, a vibrant jockey colony and a variety of exotic bets, especially the 50 cent Pik 5.
One can only hope the success will continue in the future.
Report Abuse
|
|
|
|
|
|
Posted by: Matt, Eatontown, NJ on September 08, 2010 at 04:47 PM
It was a great success. Best meet I've seen at Monmouth in the last 20 years. If we can get the state of NJ out of the racing business that will be great also. However, what private owner is going to buy the track without slots? The purse money has to come from somewhere. Maybe the success of the meet will convince some billionaire to buy and put up the money. There is obviously a profit to be made based on this year.
Report Abuse
|
|
|
|
|
|
