Operating company takes control of Monmouth Park with massive development set to break ground

Twelve years after Red Bank attorney Dennis Drazin and his family formed Darby Development LLC to operate Monmouth Park for the New Jersey Thoroughbred Horsemen’s Association in the wake of New Jersey’s decision to privatize its racetracks, Darby has assumed full control of the historic Oceanport racetrack.

On Thursday it was announced that the NJTHA and the New Jersey Sports & Exposition Authority have agreed to transfer Monmouth Park's new 85-year lease from the NJTHA to Darby, as a massive development is planned for the property.

It’s the final move in Darby’s takeover of Monmouth Park

Earlier this year, the New Jersey Racing Commission approved transfer of Monmouth Park’s revenue streams - including race permits, off-track wagering licenses, simulcasting approval and the rights to receive account wagering revenue - from the NJTHA to Darby, with Drazin as its chairman and CEO.

Drazin said at the time Darby would not go after the more than $60 million the NJTHA owed Darby, the bulk of which accrued from Darby’s share of account wagering revenues it was due under the terms of the operating agreement. Darby was unable to take any money from the operation until the loans the NJTHA received from the state in 2012, which Darby secured, were repaid, which happened earlier this year.

It comes as Darby, in partnership with Morris Bailey’s JEMB Realty, is poised to build some 300 housing units, a hotel and recreation area on the property. Drazin has said money from the development will also be used to sustain Monmouth Park over the years. The project is expected to break ground later this year.

“Let me start by thanking Gov. 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 in a statement.  “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 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.

“We are committed to providing fans with top-quality racing at a venue second-to-none. 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 Park, which opened in 1946, is the state’s only thoroughbred racetrack and serves as the hub of the state’s thoroughbred racing industry. Monmouth Park receives a $10 million annual purse supplement from the state.

“Monmouth Park Racetrack is an iconic New Jersey attraction,” said Gov. Murphy in the statement.  “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.”

This article originally appeared on Asbury Park Press: Operating company takes control of Monmouth Park with massive development set to break ground