They are getting a loan from the NJSEA for this year and next, with repayment beginning in 2015. Presumably this loan will, in part, fund the stakes program. At least that is my interpretation. it was not specifically enumerated this way oin any of the articles I have read.
"The NJSEA is advancing the NJTHA $5 million, to be repaid over five years starting in 2015, and is providing a $4 million grant for the upcoming racing season to offset what it projects to be $8 million in losses.
The state also agreed to advance up to $2 million in operating losses for 2013 and 2014, to be repaid in 2016 and 2017.
“What this means is that Monmouth Park’s future can move forward now,” said Bob Kulina, the track’s former vice president and general manager who will remain in an executive capacity. “This is the best thing for New Jersey racing. We’re very optimistic and excited to get started.”
The track’s showcase race, the $1 million Haskell Invitational, will remain intact, according to Drazin. He is looking for sponsors to defray some of the cost for the lucrative purse that annually attracts the best 3-year-olds in training.
Drazin said it’s his hope that the construction of four more OTWs will generate the revenue needed to at least break even."
From:
http://www.nj.com/horse-racing/index...sociation.html
03-14-2012, 01:46 PM
Hybrid Mode
