Monmouth Park Lease Looks Good to Go

Prospective leaseholder Morris Bailey and have come to terms regarding their recent dispute over the privatization of the historic thoroughbred racetrack, Oceanport Mayor Michael Mahon reported during Thursday.

"We have had conversations on two occasions with Mr. Bailey regarding the status of the lease," said Mahon. "The direction it was taking seemed to be positive."

Mahon could not confirm whether or not the lease has actually been signed at this point, but said that the borough received a letter from the New Jersey Sports and Exposition Authority indicating a date of transfer for the first week in December.

The mayor said it was his understanding as a result of talks the borough had with Bailey in person and on conference calls that the dispute had been cleared up, and had been solidifed.

"It looks like the problem now has moved to the Meadowlands," said Councilman Joseph Irace. "I think that lease is in question now because the unions are backing down from the agreements there."

However, the mayor and council seemed reluctant to say the talks were good news for the borough, with Irace and Mahon agreeing on the caveat "with horse racing it's never a done deal. It's always a negotiation."

Irace reported there is a ballot initiative up for decision by New Jersey voters this November that would provide for sports betting at state casinos and racetracks, the approval of which could be a boon for Monmouth Park, the borough's number one taxpayer.

"If it gets approved, that's only step one," said Irace. "Step two would be the legislature would have to draft a bill and then appeal to federal governmennt, as sports betting is not currently legal in New Jersey."

Sports betting is currently only legal in four states, Nevada, Oregon, Delaware and Montana, according to a recent Star-Ledger article. Irace said that he has spoken with State Senator Lesniak, the prime sponsor of a bill to legalize sports betting in the state of New Jersey, which Lesniak believes has the momentum in Trenton and will help horse racing and casinos.

"Hopefully sports betting becomes legal in the state of New Jersey and we can use it as a supplement to our largest ratable," said Irace.

Mahon asked Irace if he would be inclined to recommend to the council that they adopt a resolution supporting the sports betting initiative, to which Irace said "absolutely, that'd be a great idea."

There were no objections from other council members, and the resolution will be presented at the borough council's next meeting on Nov. 3.

"It certainly helps the state and a $13 billion industry that supports open space," said Mahon.