Oceanport Offers To Take Over Monmouth Park As Transitional Measure

The Borough of Oceanport, home of Monmouth Park, 1/3 of Fort Monmouth and 6,000 residents has offered to serve as a temporary landlord and transitional vehicle of the racetrack, according to NJ.com.

In a letter to Governor Chris Christie , Mayor Michael J. Mahon offered the borough’s resources and commitment to resolve the current differences and provide a new model for sustainability for the park.

The deal to transfer Monmouth Park from state control, under the auspices of the New Jersey Sports and Exposition Authority, to a private management by developer and casino investor Morris Bailey fell apart earlier this monthover a dispute between the state and the New Jersey Thoroughbred Horsemen’s Association over racing date licenses.  On Monday, Christie said the horsemen had a week to come up with an acceptable proposal or risk the park’s closure.

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Monmouth Park Privatization At Risk

Morris Bailey has sent the NJ Sport and Exposition Authority a letter declaring his memorandum of understanding for a five year lease agreement of Monmouth Park null and void, according to the Star Ledger.

Bailey, a real estate developer and the owner of Resorts Casino in Atlantic City, has been running the track since June 24 under the memorandum of understanding while waiting to receive the formal lease.

At issue is a $4,000,000 loan from the NJ Thoroughbred Horseman’s Association to support the track’s purses at $400,000 per day.  That money has already been used.  Without at formal lease, Bailey is not accepting the loan.

The Ledger quoted a spokesperson for the NJSEA as saying they considered Bailey’s letter a negotiating ploy.

Purses could be drastically reduced this fall and the 2012 racing dates could be at risk, according to the Ledger.

Oceanport Councilman Joe Irace was caught off guard by this development.  “This is not good news!  We were told that the Monmouth Park deal was signed, sealed and delivered.”  Monmouth Park is Oceanport’s largest taxpayer.

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