Big Money: Casino Owners Pledge Money To Aid NJ Horse Racing

New Jersey Gov. Jon Corzine "won a commitment from casino owners to continue a subsidy of the state's foundering racing industry," a week before Monmouth Park hosts the Breeders' Cup, according to Deborah Howlett of the Newark STAR-LEDGER. Corzine has previously indicated that he would like to "provide horse racing with $90[M] over the next three years to boost the purses at racetracks," and a source said that casino owners this week pledged a third of that total. The source also said that Corzine "wants the casinos to pay even more," but added the governor is exploring "other options" to raise money. Casinos have contributed $21.5M annually to the tracks over the past four years, and in exchange racetrack operators agreed "not to install slot machines or video lottery terminals at the Meadowlands or other racing venues." Horse owners and breeders lobbyist Leon Zimmerman indicated that $90M over three years "isn't enough to sustain racing," and that the industry needs at least $45M per year "to stay competitive with out-of-state tracks" that have slots and video lottery terminals (Newark STAR-LEDGER, 10/19).