New Jersey makes deal to put racing tracks in private hands

PHILADELPHIA (Reuters) – The state of New Jersey has reached an agreement that will keep two of its horse racing tracks in business by placing them in private hands, officials said.

Governor Chris Christie said late on Thursday that Jeff Gural, a New York investor, will take over operation of the harness track at the Meadowlands, and Morris Bailey, a horse breeder and part-owner of the Resorts Casino in Atlantic City, will lease the thoroughbred track at Monmouth Park.

Horse racing, a $780 million-a-year business in New Jersey, has for six years gotten a subsidy from the state's gambling casinos.

That deal originally was made in exchange for a promise by track operators not to seek their own slot machine operations.

Read more: http://news.yahoo.com/s/nm/20110513/us_nm/us_racing_newjersey

I used to race at the Meadowlands.

I've got my fingers crossed that they will work it like a real business, rather than a cash cow. Harness racing is an exciting business, and this could be really good for the racing community. The Meadowlands is where they race the Hambletonian, which is harness racing's Kentucky Derby.

That sounds like socialized gambling. Say it aint so.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: