{"id":1221,"date":"2024-09-24T12:11:31","date_gmt":"2024-09-24T09:11:31","guid":{"rendered":"https:\/\/xxbet-company.com\/pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states\/"},"modified":"2024-09-24T12:11:31","modified_gmt":"2024-09-24T09:11:31","slug":"pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/es\/pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states\/","title":{"rendered":"Pennsylvania Casino Owners to Shutter Oldest Horse Racecourse in United States"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Tabla de contenidos<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/es\/pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states\/#How_Casinos_Came_to_Own_Freehold\" title=\"How Casinos Came to Own Freehold\">How Casinos Came to Own Freehold<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/es\/pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states\/#Freeholds_Final_Stretch\" title=\"Freehold\u2019s Final Stretch\u00a0\">Freehold\u2019s Final Stretch\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p class=\"p1\"><span class=\"s1\">Two Pennsylvania casino owners have decided to shutter the oldest horse racetrack in the country in neighboring New Jersey.<\/span><\/p>\n<figure aria-describedby=\"caption-attachment-331181\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"size-post-thumbnail-858xAUTO wp-image-331181\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-858x572.jpg\" alt=\"Freehold Raceway New Jersey Pennsylvania casinos\" width=\"858\" height=\"572\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-858x572.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-430x287.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-302x200.jpg 302w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-238x158.jpg 238w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26-194x128.jpg 194w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/09\/dc044547-c5d9-48ee-abfb-18bcc4b14b63-FHistory26.jpg 1200w\" sizes=\"(max-width: 858px) 100vw, 858px\" title=\"\"><figcaption class=\"text-description\">A photograph shows live harness racing in Freehold, NJ. The photograph is believed to be from 1905-1910. Two Pennsylvania casino operators that own the Freehold Raceway, the oldest horse racetrack in the United States, plan to close the facility at the end of 2024. (Image: Monmouth County Historical Association)<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">New Jersey\u2019s Freehold Raceway traces its roots to the 1830s. Harness racing became the staple of the half-mile dirt oval beginning in 1854.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Freehold has long been considered the oldest horse racetrack in the United States. That designation will end when the storied Standardbred <a href=\"https:\/\/www.casino.org\/news\/fixed-odds-horse-racing-legal-new-jersey-following-gov-signature\/\" rel=\"nofollow noopener\" target=\"_blank\">harness racing<\/a> track closes on Dec. 28, 2024.<\/span><\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><span class=\"s1\">This was an extremely difficult decision, especially given the historical importance of Freehold Raceway to the local community and the New Jersey horse racing industry,\u201d said Freehold Raceway General Manager Howard Bruno. \u201cUnfortunately, the operations of the racetrack cannot continue under existing conditions, and we do not see a plausible way forward.\u201d<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Located in Central New Jersey, the Freehold Raceway has certainly seen better days.<\/span><\/p>\n<div class=\"callout\">\n<p class=\"p1\"><span class=\"s1\">The facility has been allowed to deteriorate over the years, with its grandstand interior dated. An effort to open a retail sportsbook to lure in new patrons was short-lived after bettors stayed away in favor of <a href=\"https:\/\/www.casino.org\/news\/resorts-atlantic-city-owner-to-expand-monmouth-park\/\" rel=\"nofollow noopener\" target=\"_blank\">Monmouth Park<\/a> or placing wagers online.<\/span><\/p>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">Freehold Borough officials said upon the track\u2019s closing announcement that the venue \u201chad become shopworn and dated with little capital improvement to attract new customers.<\/span><\/p>\n<p>Freehold is perhaps best known for being the site of the famous Triple Dead Heat\u201d where three horses seemingly tied in a photo finish during an October 1953 race.<\/p>\n<h2 class=\"p1\"><span class=\"ez-toc-section\" id=\"How_Casinos_Came_to_Own_Freehold\"><\/span><span class=\"s1\"><b>How Casinos Came to Own Freehold<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">In November 1998, Pennsylvania-based Penn Entertainment and Greenwood Gaming and Entertainment, then known as Penn National Gaming and Greenwood Racing, acquired Freehold for $57.5 million in cash and notes from International Thoroughbred Breeders, Inc.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">At the time, Penn and Greenwood were primarily invested in horse racing with their respective tracks Penn National Race Course and Philadelphia Racetrack. Pennsylvania didn\u2019t legalize slot machines until a decade later in 2008.<\/span><\/p>\n<div class=\"callout\">\n<p class=\"p1\"><span class=\"s1\">Today, Penn operates four casinos in Pennsylvania \u2014 Hollywood Casino at Penn National Race Course near Harrisburg, Hollywood Casino York, Hollywood Casino Morgantown, and Hollywood Casino at The Meadows in Washington. Greenwood manages two venues \u2014 <a href=\"https:\/\/www.casino.org\/news\/parx-casino-stalls-hotel-construction-plans-cites-skill-games\/\" rel=\"nofollow noopener\" target=\"_blank\">Parx Casino north of Philadelphia<\/a>, the top-revenue generating casino in Pennsylvania, and its sister property Parx Casino Shippensburg.<\/span><\/p>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">Penn and Greenwood acquired Freehold and operated it jointly for over the past quarter-century as an entity called Pennwood Inc.<\/span><\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><span class=\"s1\">We believe we can improve the entertainment product delivered to patrons, build purses for the horsemen, and create economic stimulus and employment,\u201d the group said during the acquisition.<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">Those beliefs didn\u2019t materialize, as the horse racing industry across the country fell on difficult times.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In 1999, its first year of ownership, Pennwood reported a gross handle of $64.3 million during 90 days of live racing, with on-track bets totaling $18.6 million. Last year, Freehold\u2019s handle amounted to just $13.8 million, with on-site bets of only $1.25 million.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"ez-toc-section\" id=\"Freeholds_Final_Stretch\"><\/span><span class=\"s1\"><b>Freehold\u2019s Final Stretch<\/b><\/span><span class=\"s1\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">New Jersey\u2019s legalization of sports betting has helped save the state\u2019s two <a href=\"https:\/\/www.casino.org\/news\/new-jersey-racetracks-seek-slot-machines-legislation-filed\/\" rel=\"nofollow noopener\" target=\"_blank\">remaining tracks<\/a>, the Meadowlands and Monmouth Park. Those racetracks are respectively partnered with FanDuel and Caesars Sportsbook for in-person and mobile betting operations.<\/span><\/p>\n<div class=\"callout\">\n<p class=\"p1\"><span class=\"s1\">In what turned out to be a dire error, Freehold <a href=\"https:\/\/www.casino.org\/news\/freehold-raceway-to-seek-new-jersey-sports-betting-license\/\" rel=\"nofollow noopener\" target=\"_blank\">stayed on sidelines<\/a> for several years after sports betting began in the Garden State.<\/span><\/p>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">Penn and Greenwood opened online sportsbooks in New Jersey after reaching partnerships with Atlantic City casinos to gain market access. Greenwood initially aligned with Caesars to launch its Bet Parx Sportsbook in New Jersey. Penn partnered with Resorts for online sportsbook privileges.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In late 2020, Penn and Greenwood converted their online sportsbook licenses to Freehold and opened a retail facility. But after struggling to gain meaningful market share, the track\u2019s physical Bet Parx Sportsbook closed last month.<\/span><\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/pennsylvania-casino-owners-to-shutter-oldest-racecourse\/\" rel=\"nofollow noopener\" target=\"_blank\">Pennsylvania Casino Owners to Shutter Oldest Horse Racecourse in United States<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\" rel=\"nofollow noopener\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Two Pennsylvania casino owners have decided to shutter the oldest horse racetrack in the country in neighboring New Jersey. A photograph shows live harness racing in Freehold, NJ. The photograph is believed to be from 1905-1910. Two Pennsylvania casino operators that own the Freehold Raceway, the oldest horse racetrack in the United States, plan to <a href=\"https:\/\/xxbet-company.com\/es\/pennsylvania-casino-owners-to-shutter-oldest-horse-racecourse-in-united-states\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":1222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts\/1221"}],"collection":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/comments?post=1221"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts\/1221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media\/1222"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media?parent=1221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/categories?post=1221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/tags?post=1221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}