Monmouth Park, the 310-acre racetrack in Oceanport, NJ, has long been a landmark for horse racing. But like many tracks in the modern era, on-site attendance has declined, leaving much of the property filled with empty stands and parking lots.
That’s set to change. Real estate developer and horse owner Morris Bailey has announced plans to transform 80 acres of the site with a 298-unit residential building, a 200-room hotel, a youth sports centre, and potentially a concert venue.
Construction Rumors
Dennis Drazin explained that no official construction date has been set, though reports suggest work could begin in fall 2025.
Bailey described the redevelopment as the next step in a vision more than a decade in the making.
“We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while serving the community at large,” Bailey said. “Our plans will create a vibrant lifestyle destination for future generations and put the racetrack on a trajectory for enormous growth.”
Project’s History
The idea dates back to 2012 when Bailey, who owns Resorts Casino Hotel in Atlantic City, tried to purchase Monmouth Park after New Jersey put it up for sale. The deal never closed, and the New Jersey Thoroughbred Horsemen’s Association assumed control.
Under a new 85-year lease, Drazin’s company, Darby Development, now oversees the racetrack. According to Drazin, Bailey waited until the real estate market improved before moving forward.
“At that point the economics just weren’t there,” Drazin said. “But the market has exploded in Monmouth County. If you told me 20 years ago there would be multi-million-dollar condos in Long Branch, I never would have believed it. But that’s the reality.”
Darby Development and Bailey Collaboration
Bailey and Darby Development have formed a revenue-sharing agreement that will increase purse money and cover racing expenses. This ensures betting on Monmouth Park picks and live racing remains sustainable.
Governor Phil Murphy praised the project, saying it will boost the local economy and preserve the racetrack’s legacy as a New Jersey attraction.
Drazin’s Vision
The residential building will be located on an unused parking lot across from the racetrack. It will be designed as a 55-and-over community to avoid burdening local schools.
The hotel location is still undecided, and discussions continue around adding a concert venue and other entertainment projects.
Because Monmouth Park does not benefit from slot machines or casino gaming, new income streams are critical. The state provides $10 million annually to support purses, but the redevelopment will bring additional financial security.
“They created the vision,” Drazin said.
Fans can also expect little disruption to racing, aside from changes to parking during major events like the GI Haskell Stakes.
Final Words
The redevelopment of Monmouth Park will transform an underutilized racetrack into a multi-use destination with residential units, a hotel, a youth sports centre, and possibly a concert venue. This project has the potential to revitalize the property and strengthen the local economy, ensuring horse racing in New Jersey remains a celebrated tradition.
FAQs
What is being built at Monmouth Park?
Plans include a 298-unit residential building, a 200-room hotel, a youth sports centre, and a possible concert venue.
When will construction start?
No official date has been announced, though reports suggest it may begin in fall 2025.
Who is leading the project?
The redevelopment is being led by Morris Bailey in partnership with Darby Development, with Populous handling design and planning.
Will racing continue during construction?
Yes. According to Dennis Drazin, racing will not be significantly disrupted, though parking changes may affect major events.
Why is Monmouth Park being redeveloped?
Declining attendance left much of the property underused. The redevelopment aims to create new revenue streams, support horse racing purses, and attract more visitors.
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