Casino Tax Breaks Breaking Horse Racing<\/strong><\/h2>\nPennsylvania and New York are able to divert money into racing because they tax their casino highly — 54 percent and 37 percent on slots, respectively. By contrast, New Jersey casinos are taxed at just over 9 percent.<\/p>\n
There was a time when the tracks received $30 million a year in subsidies from Atlantic City casino revenue, but that was in pre-recession days when Atlantic City was thriving — before it had to contend with competing casino markets in abutting states.<\/p>\n
The bill would provide the horse racing industry with a $100 million over five years, with $6 million a year going to Meadowlands, $1.6 million for Freehold Raceway,\u00a0$10 million for Monmouth Park, and $2.4 million for breeder awards and stakes bonuses.<\/p>\n
\u201cHopefully everything just snowballs, and we get the Meadowlands Racetrack back to where it used to be,\u201d SBOANJ president Mark Ford, told\u00a0NJ Online Gambling <\/em>this week<\/em>.<\/em> \u201cWe\u2019re picturing a resurgence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Sports betting is thriving at Meadowlands Racetrack and that\u2019s good news — for once — for New Jersey\u2019s ailing horse racing industry. On Friday, Meadowlands agreed a ten-year sports betting revenue-share deal with the Standardbred Breeders and Owners of New Jersey (SBOANJ) that will add an extra $1 million per year to racing purses. Meadowlands […]<\/p>\n","protected":false},"author":36,"featured_media":93880,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,14577,1074],"tags":[],"acf":[],"yoast_head":"\n
Meadowlands Sports Betting Boosts New Jersey Horse Racing Industry<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n