Monmouth Park spans 310 acres in Oceanport, NJ, but like many racetracks in the modern era, where on-site attendance has declined, a large portion of the property remains filled with empty stands and parking lots.
However, that’s set to change as real estate developer and horse owner Morris Bailey has revealed plans to transform 80 acres of the site. The development will include a 298-unit residential building, a 200-room hotel, a youth sports centre, and potentially a concert venue.
But what else should fans look forward to?
Construction Rumors
Dennis Drazin stated that the start date for construction has not yet been decided, although reports suggest it may begin in the fall of 2025.
“We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts,” Bailey stated.
“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 including important components that serve the community at large. After an intensive, complex and lengthy process, our plans will create a vibrant lifestyle destination for future generations and will put the racetrack on a trajectory for enormous growth.”
Project’s History
The project began to take shape in 2012 when Bailey, the owner of Resorts Casino Hotel in Atlantic City, attempted to purchase Monmouth after the state of New Jersey put it up for sale.
However, he could not finalize a deal, and the plans were put on hold as the New Jersey Thoroughbred Horsemen’s Association took control of the track. Dennis Drazin, whose company, Darby Development, now holds full ownership of the property under a new 85-year lease agreement, explained that Bailey had been waiting for the real estate market to improve before moving forward with the project.
“At that point in time the economics just weren’t there,” Drazin stated. “But the real estate market has changed so much over the past several years. It has just exploded here in Monmouth County. The prices are unbelievable. If you would have told me 20 years ago that there were going to be multi-million-dollar condos in Long Branch, I never would have believed it. But that’s the reality.”
Darby Development and Bailey Collaboration
Darby Development and Bailey have established a revenue-sharing agreement that will provide more purse money and help cover other racing-related expenses. This will ensure that racing at Monmouth Park, including betting on Monmouth picks, remains a sustainable business for the foreseeable future.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” Governor Phil Murphy stated. “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 years to come.
Through this important development, the history and legacy of this racetrack will be solidified and expanded and enhanced so that more New Jerseyans can experience its excitement.”
Drazin’s Vision
While Drazin has mentioned that several additional projects, including a concert venue, are still under consideration, the hotel and residential building are viewed as the core elements of the development. The residential building will be located on the expansive parking lot across from the track, which is typically empty on most days.
Drazin noted that the building will be designed as a 55-and-over residence to avoid putting pressure on local schools. Meanwhile, the hotel’s location has yet to be determined. Drazin also mentioned that the concert venue and other “entertainment-type projects” are still being evaluated.
Since Monmouth does not generate any revenue from slot machines or casino gaming, Drazin and his team are constantly seeking new sources of income. The state provides an annual subsidy of $10 million to support purses, but additional funds are necessary for Monmouth to enhance its racing product and ensure its long-term viability. The new projects are expected to help meet these financial needs.
“There’s a requirement in the lease, basically a 50-50 split on the revenue,” Drazin stated. “Thirty five percent of the total revenue will get spent on racetrack related expenses and 20 percent of that will go into the purse account. It’s all positive. Morris has always had racing foremost in his vision.”
Drazin announced that Populous, the global sports and event architecture firm responsible for the redevelopment of Belmont Park and Pimlico, has been selected to manage the project.
“They are a top-flight, really great company,” Drazin stated. “They created the vision.”
Drazin also assured that construction would not cause significant disruptions for on-track fans, except for the need to find additional parking for the late arrivals who attend the annual GI Haskell Stakes.
Final Words
The transformation of Monmouth Park from a largely underutilized racetrack into a vibrant, multi-use destination marks an exciting new chapter for both the property and the surrounding community. With the plans to develop residential units, a hotel, a youth sports centre, and potentially a concert venue, this project has the potential to rejuvenate not only the racetrack but also the local economy.
Smith