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Morris Bailey, a New Jersey real estate tycoon whose DGMB, LLC, owns Resorts Casino Hotel in Atlantic City, announced on Thursday a phased development to expand the Monmouth Park Racetrack grounds into a mixed-use destination.
Through his JEMB Realty, which has vast office, residential, and entertainment experience throughout the Garden State, Bailey revealed his plans to overhaul Monmouth Park’s roughly 80 acres of paved surface parking lots and undeveloped property into a vibrant mixed-use complex.
The announcement is the culmination of decades of discussions with various stakeholders resulting in plans for a development comprised of multifamily housing, a 200-room hotel, retail shopping, entertainment, and youth sports facilities. The venture is in partnership with Dennis Drazin’s Darby Development, which this week acquired full ownership of the Monmouth Park racecourse after leasing its operations for the previous 12 years from the New Jersey Sports and Exposition Authority (NJSEA).
Bailey says construction at Monmouth Park is slated to begin in the fourth quarter of 2025 after permits are secured and construction teams are procured.
Monmouth’s Mammoth Project
Monmouth Park is located in Oceanport, less than two miles west of the Jersey Shore. Bailey says the multiyear, multiphase development will “reimagine” the storied horse racetrack that’s home to the annual Haskell Invitational, a major race for three-year-old thoroughbreds that comes in July after the conclusion of the Triple Crown but before the Breeders’ Cup.
We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts,” Bailey said in a press release. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while including important components that serve the community at large.”
Bailey says the project comes with the support of several state agencies, including the NJSEA and the New Jersey Thoroughbred Horsemen’s Association. New Jersey Gov. Phil Murphy (D) applauded the initiative.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” the governor 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.”
Along with the 200-key hotel, the Monmouth Park blueprint includes plans for a 298-unit residential building, indoor and outdoor sports facilities tailored toward youth sports, and an outdoor pool complex. Bailey says the mixed-use complex will also offer a live music venue.
No Casino — For Now
Brick-and-mortar casino gambling in New Jersey remains confined to Atlantic City, though retail sports betting is allowed at the state’s three horse racetracks. Monmouth Park was one of the first retail sportsbook locations to open outside of AC following the 2018 Supreme Court repeal of a federal law that had limited single-game betting to Nevada.
In May, Monmouth Park broke ground on its trackside Caesars Sportsbook. The track’s sportsbook operation has remained inside the grandstand in a dated sports bar since the facility gained sports betting privileges more than six years ago.
There have been previous efforts in the Trenton capital to expand in-person casino gambling outside of Atlantic City. Meadowlands owner Jeff Gural has championed those talks for years, but pushback from Atlantic City has prevailed.
New Jersey Sen. Joseph Pennacchio (R-Morris) has been fighting to amend the state constitution to allow slot machines at racetracks for over a decade. His continual constitutional referendum proposals have suggested directing 30% of racino slot taxes directly back to the nine casinos in Atlantic City.
Pennacchio’s 2024 Senate Concurrent Resolution 14 failed to advance out of the chamber’s State Government, Wagering, Tourism & Historic Preservation Committee.
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