Monmouth Park’s operator now has an 85-year lease

After a dozen years as lessee of Monmouth Park, the New Jersey Thoroughbred Horsemen’s Association, in conjunction with the New Jersey Sports & Exposition Authority, has transferred the racetrack to Dennis Drazin’s Darby Development under a new 85-year lease agreement. Darby had been the operator of the racetrack under the NJTHA and will now take full custody of the grounds with sights set on further expansion.

“Let me start by thanking Gov. (Phil) Murphy for entrusting me and my entire team with one of New Jersey’s most iconic landmarks and one of the nation’s top racing venues,” said Drazin, chairman and CEO of Darby. “While we have been operating the racetrack for just over the past decade, we can now implement our vision for the future, which includes, in conjunction with Morris Bailey, a world-class housing project with full amenities, sports complex, first-class hotel and much, much more. All of this will complement and support our main business, horse racing.”

Bailey, whose JEMB Realty owns and operates commercial and residential properties across North America as well as the Resorts Casino in Atlantic City, will lead the development projects at Monmouth Park, with groundbreaking set for late 2025.

“We are committed to providing fans with top-quality racing at a venue second to none,” Drazin said. “Today’s actions will ensure a robust future for Thoroughbred racing in the Garden State, and it’s with great pride and humility that we embark on a new future for Monmouth.”

“Monmouth Park Racetrack is an iconic New Jersey attraction,” Murphy said. “We are thrilled to see this project move forward, which will bolster the local economy and ensure that the area is a popular destination for generations to come.

“Through this important development, the history and legacy of this racetrack will not only be solidified but expanded and enhanced so that more New Jerseyans can experience its excitement.”

“The NJTHA have been great tenants and partners for the last 12 years,” said Paul Juliano, President and CEO of the NJSEA. “I, along with everyone at the NJSEA, join the governor in taking great pride in securing sustainability and the long-term success of Monmouth Park Racetrack with the new lease for generations to come.”

Now in its 79th season of racing and with roots dating back to 1870, Monmouth Park saw a rebirth in 1946 under Amory Haskell, the namesake of the racetrack’s signature race, the Grade 1, $1 million Haskell Stakes. In 1986, the State of New Jersey acquired the racetrack and operated it under the NJSEA until 2012, when the NJTHA took the reins as lessee. Darby’s 85-year lease takes effect immediately.