Monmouth Park to open 2024 meet with lower purses in most races
When Monmouth Park’s 2024 meet gets underway May 11, the Oceanport racetrack will have lower opening day purses than a year ago.
The first condition book shows purses down eight percent or more on many races, with Jersey-bred stakes races also taking a hit.
“Purses will be similar to last year but lower to start off because we had to overpay purses the last two years,” said Dennis Drazin, chairman and CEO of Darby Development LLC., which operates the track.
What does that look like?
A New Jersey-bred allowance race goes from $75,000 to $68,750, a 9.6 percent reduction. Maiden special weight races drop from $57,500 to $52,500, an 8.6 percent dip. An allowance optional claiming race that had a $60,000 purse last year on opening day, is now worth $55,000, an 8.3 percent drop.
The only stakes races impacted in the first condition book are Jersey-bred events, which have purse reductions from $90,000 down to $85,000. Open stakes races, including the $100,000 Long Branch Stakes on opening day, remain unchanged.
More: A new track announcer for Monmouth Park. Here's what his calls will sound like
Monmouth Park is scheduled to run 51 days through Sept. 15, before a 10-day fall meet at the Meadowlands with greatly reduced purses.
In 2023, the track paid out $28.4 million in purses according to statistics compiled by The Jockey Club, with the average purse of $52,558 per-race the highest since 2010’s Elite Meet. Monmouth Park gave out $32.9 million in 2022, the most since 2011.
It’s unclear when purses will be returned to their previous level, although it likely depends on how well the track fares financially this summer.
Monmouth Park’s stakes schedule was to be worth $8.05 million in the track’s 79th summer of racing, with 48 stakes races, including 10 graded stakes. The Haskell is now the track's only Grade 1 event, with the United Nations reduced to Grade 2 status this year.
The Grade 1 $1-million Haskell Stakes anchors the meet on July 20, with a Haskell Day card featuring six stakes races, including the: $600,000 United Nations (G2); $500,000 Molly Pitcher (G3); $400,000 Monmouth Cup (G3); $300,000 WinStar Matchmaker (G3); and $100,000 Wolf Hill.
There will once again be a Haskell Preview Day, with four stakes races on June 15 including the $150,000 Pegasus, $150,000 Monmouth Stakes (G3), the $150,000 Salvator Mile (G3) and the $150,000 Eatontown (G3).
Purse subsidy in limbo
Monmouth Park will receive a $10 million purse supplement in 2024, part of a $20 million subsidy for the racing industry courtesy of Trenton lawmakers.
What the industry is hoping for, however, is a long-term commitment to supporting racing. The original five-year, $100 million subsidy, with the annual $20 million split between thoroughbred and standardbred tracks, began in 2019, with the subsidy extended for one year in 2024. But a five-year commitment was nixed in January when Gov. Phil Murphy killed it with a pocket veto during the lame duck legislative session.
“The Governor promised me he will get it done, but didn’t want it done during the lame duck session. He thought it deserved more transparency,” Drazin said. “The legislators who supported it last time continue to support it. The Governor says he supports it. I trust the governor and frankly, when he tells me he’s going to do something, I think it’s going to happen, so I’m counting on him to have our back like he always does.”
The subsidy is designed to helped Monmouth Park better compete with tracks in neighboring states that receive money from associated casino gaming operations to supplement purses.
This article originally appeared on Asbury Park Press: Monmouth Park NJ to open 2024 meet with lower purses
