Morris Bailey, a New Jersey actual property tycoon whose DGMB, LLC, owns Resorts On line casino Resort in Atlantic Metropolis, introduced on Thursday a phased improvement to broaden the Monmouth Park Racetrack grounds right into a mixed-use vacation spot.
A rendering of what’s to return at Monmouth Park in New Jersey. The storied horse racetrack is being focused by the proprietor of Resorts On line casino Resort in Atlantic Metropolis for a mixed-use improvement highlighted by a 200-room resort and almost 300 residential items. (Picture: JEMB Realty)
By way of his JEMB Realty, which has huge workplace, residential, and leisure expertise all through the Backyard State, Bailey revealed his plans to overtake Monmouth Park’s roughly 80 acres of paved floor parking tons and undeveloped property right into a vibrant mixed-use complicated.
The announcement is the fruits of a long time of discussions with varied stakeholders leading to plans for a improvement comprised of multifamily housing, a 200-room resort, retail procuring, leisure, and youth sports activities amenities. The enterprise is in partnership with Dennis Drazin’s Darby Growth, which this week acquired full possession of the Monmouth Park racecourse after leasing its operations for the earlier 12 years from the New Jersey Sports activities and Exposition Authority (NJSEA).
Bailey says building at Monmouth Park is slated to start within the fourth quarter of 2025 after permits are secured and building groups are procured.
Monmouth’s Mammoth Mission
Monmouth Park is positioned in Oceanport, lower than two miles west of the Jersey Shore. Bailey says the multiyear, multiphase improvement will “reimagine” the storied horse racetrack that’s dwelling to the annual Haskell Invitational, a serious race for three-year-old thoroughbreds that is available in July after the conclusion of the Triple Crown however earlier than the Breeders’ Cup.
We’re embarking on the following section of a journey that started over a decade in the past once we developed plans to reimagine and reinvent the Monmouth Park expertise that has introduced a lot pleasure to generations of horse racing lovers,” Bailey stated in a press launch. “Now we have at all times been staunch advocates for returning the realm to its rightful place because the premier vacation spot for horse racing and household leisure whereas together with necessary parts that serve the neighborhood at massive.”
Bailey says the venture comes with the assist of a number of state companies, together with the NJSEA and the New Jersey Thoroughbred Horsemen’s Affiliation. New Jersey Gov. Phil Murphy (D) applauded the initiative.
“Monmouth Park Racetrack is an iconic New Jersey attraction,” the governor stated. “We’re thrilled to see this venture transfer ahead, which is able to bolster the native economic system and make sure that the realm is a well-liked vacation spot for generations to return.”
Together with the 200-key resort, the Monmouth Park blueprint consists of plans for a 298-unit residential constructing, indoor and out of doors sports activities amenities tailor-made towards youth sports activities, and an outside pool complicated. Bailey says the mixed-use complicated may also provide a reside music venue.
No On line casino — For Now
Brick-and-mortar on line casino playing in New Jersey stays confined to Atlantic Metropolis, although retail sports activities betting is allowed on the state’s three horse racetracks. Monmouth Park was one of many first retail sportsbook places to open exterior of AC following the 2018 Supreme Court docket repeal of a federal regulation that had restricted single-game betting to Nevada.
In Might, Monmouth Park broke floor on its trackside Caesars Sportsbook. The observe’s sportsbook operation has remained contained in the grandstand in a dated sports activities bar because the facility gained sports activities betting privileges greater than six years in the past.
There have been earlier efforts within the Trenton capital to broaden in-person on line casino playing exterior of Atlantic Metropolis. Meadowlands proprietor Jeff Gural has championed these talks for years, however pushback from Atlantic Metropolis has prevailed.
New Jersey Sen. Joseph Pennacchio (R-Morris) has been combating to amend the state structure to permit slot machines at racetracks for over a decade. His continuous constitutional referendum proposals have instructed directing 30% of racino slot taxes straight again to the 9 casinos in Atlantic Metropolis.
Pennacchio’s 2024 Senate Concurrent Decision 14 didn’t advance out of the chamber’s State Authorities, Wagering, Tourism & Historic Preservation Committee.
