Big changes are coming to Monmouth Park.
Not only is Darby Development LLC assuming full control of the New Jersey racetrack in Oceanport, but the ownership group is planning for major development projects in the area with officials set to break ground in late 2025.
“Let me start by thanking Governor [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,” Dennis Drazin, chairman and CEO of Darby, said in a statement.
“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.”
Darby completes takeover of Monmouth Park racetrack
Darby Development began operating Monmouth Park in 2012. Essentially, the group served as a lessee of the New Jersey Thoroughbred Horsemen’s Association (NJTHA) and the New Jersey Sports & Exposition Authority (NJSEA).
Now, though, Drazin’s company has taken full control of the NJ horse racing property as the NJTHA and NJSEA transferred the 85-year lease agreement to Darby Development.
This came on the heels of the New Jersey Racing Commission approving the transfer of Monmouth’s revenue streams from the NJTHA to Darby earlier this year. As a result, Darby officially completes its takeover of the New Jersey facility.
“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.”
Added Gov. Phil Murphy:
“Monmouth Park Racetrack is an iconic New Jersey attraction. 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.”
‘Important development’ of Monmouth will bolster local economy
Monmouth Park as we know it dates back to 1946, when the track reopened its doors to form the Monmouth Park Jockey Club. Some 40 years later, the NJSEA purchased Monmouth in 1986.
With Darby taking full control of the facility now, the company – in partnership with JEMB Realty – plan to develop 80 acres around Monmouth Park, which is also part of the NJ sports betting scene with partners that include Caesars Sportsbook NJ and BetRivers Sportsbook NJ.
That includes building a residential building with nearly 300 units as well as a 200-room hotel and a youth sports community center. On top of it all, Darby and JEMB Realty look to expand entertainment offerings such as a live music venue.
“Through this important development,” Murphy said in a statement, “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.”
