Monmouth Park’s journey from struggle to success

By:  | August 12, 2024 |  Features |  Oceanport

By Matt Doherty

Nestled in Oceanport, New Jersey, Monmouth Park Racetrack has a storied history dating back to its founding in 1870. This legendary racecourse, once situated on the Fort Monmouth property, has experienced a dynamic evolution marked by periods of prosperity, decline, and resurgence. In a recent interview, Dennis Drazin, Chairman and CEO of Darby Development — the operator of Monmouth Park — shared insights into the track's rich history, its survival amid challenges, and ambitious plans for the future.

Monmouth Park’s journey began in the 19th century, but it faced a significant setback in the late 1880s when a constitutional amendment prohibited racing. It wasn’t until 1946 that a group of New Jersey businessmen resurrected the sport, establishing the Monmouth Park Jockey Club at its current Oceanport location. The track flourished, drawing crowds of 40,000 on weekends during its heyday. However, as Drazin recalled, "The casinos weren't around, the lottery wasn't around," leading to increased competition and a decline in attendance.

The New Jersey Sports and Exposition Authority (NJSEA) took over the track in the mid-1980s, operating both Monmouth Park and the Meadowlands. However, by 2012, the state was losing $17.5 million annually on racing operations, prompting Governor Christie to push for privatization or closure of the racetracks. Faced with potential closure, the New Jersey Thoroughbred Horsemen's Association, led by Drazin, took over the lease at Monmouth Park, entering a 40-year agreement to manage the track independently.

In a bold move to secure Monmouth Park's future, Drazin and his team turned to sports betting. “Governor Christie embraced the idea of sports betting,” said Drazin, acknowledging the critical support from Senator Lesniak and other state leaders. Despite federal prohibitions under the Professional and Amateur Sports Protection Act (PASPA), New Jersey pursued legalization through a protracted legal battle.

“We decided we were going to move forward,” Drazin recounted, detailing the state's seven-year journey through various courts until the U.S. Supreme Court declared PASPA unconstitutional in May 2018. Monmouth Park was ready. They had built out a small sportsbook in partnership with William Hill, and following the Supreme Court’s decision, quickly expanded it, investing an additional $5 million. The sportsbook officially opened in June 2018, with Governor Phil Murphy placing the first bet.

Today, Monmouth Park is thriving. Drazin proudly shared, “We have managed to turn around the losses that we were sustaining when we took over. We're now profitable.” The William Hill sportsbook, now operated by Caesars following an acquisition, has become a significant revenue source. In May 2024, they broke ground on a new flagship sportsbook, a high-end venue designed to attract visitors for both sports betting and horse race wagering.

Moving forward

Monmouth Park’s resurgence extends beyond betting. Drazin highlighted plans for substantial real estate development, including 298 residential units with a portion designated as affordable housing. Additionally, they plan to build a 200-room hotel and are in discussions to create a complementary venue for Netflix. Collaborating with the local town, Monmouth Park will also develop three new soccer fields, supporting youth sports and enhancing the venue's appeal as a destination site.

Monmouth Park’s vision includes transforming the racecourse into a premier entertainment hub. “We're working with the Count Basie [Theater] to do a concert series in 2025 and 2026,” Drazin revealed, emphasizing the importance of diversifying attractions. The venue already boasts amenities like the Blue Grotto restaurant, mini-golf, and family-friendly activities every weekend, including face painting, pony rides, and bounce houses.

Looking ahead, Monmouth Park aims to further expand its offerings with casino gaming. Discussions are underway to introduce slots at the racecourse, a move Drazin believes would be less contentious than full-scale casino operations. “We think that it would be less offensive to them [Atlantic City casinos] if we were just doing slots and not full table games,” he noted. This initiative, if successful, could significantly boost revenue, enabling Monmouth Park to increase racing days and enhance prize purses, thereby attracting top-tier talent and encouraging breeding in New Jersey.

To stay competitive in the digital age, Monmouth Park is innovating its wagering options. Partnering with Naira Bets, they are expanding beyond traditional TVG offerings to platforms like FS1 and FS2, reaching a broader audience. “We have events every weekend to try and bring in people to the track that maybe never made a wager before,” Drazin explained, highlighting the importance of cross-marketing between sports betting and horse racing.

Monmouth Park Racetrack’s journey from near closure to a thriving entertainment and betting destination is a testament to visionary leadership and strategic innovation. Under Dennis Drazin’s guidance, the racecourse has not only survived but has positioned itself for a vibrant future, blending tradition with modernity. As Drazin aptly put it, “We think the future is bright for Monmouth Park,” encapsulating the optimism and determination driving this iconic venue forward.