Monmouth Park bid is back in the running

[drylee]

It comes from the money that is withheld from each betting pool before the payout is calculated. This is known as the takeout. A percentage of this takeout goes to provide money for the purses. The percentage that goes to the purses varies depending on type of bet,(WPS, exacta, pick six) and where the bet is placed (ontrack live race, simulcasting site, OTW, phone acct). The 23 million is the estimate of what will be generated through these means.

[Rick1323]

Having a nice venue is not a guarantee of operation. There is a very nice plant in Florida running quarterhorses while trying to get it's head above water. I don't see how this place can survive.

[Thinair]

It comes from the money that is withheld from each betting pool before the payout is calculated. This is known as the takeout. A percentage of this takeout goes to provide money for the purses. The percentage that goes to the purses varies depending on type of bet,(WPS, exacta, pick six) and where the bet is placed (ontrack live race, simulcasting site, OTW, phone acct). The 23 million is the estimate of what will be generated through these means.

Did a giant pie fly out of your computer and slam you in the face when you posted this?

If not, it should have.

But, since you're in a benevolent mood of explanation, why don't you explain to me how exactly $23 million in takeout dollars will be derived by Monmouth. While you're at it, why don't you tell me what the split is for horseman and the track. Then tell me what it costs for upkeep of the facility, both during racing season and in the off-season. Then let me know where that money is coming from. Then let me know what percentage of their handle is expected to be on-track versus simulcast outlets, and what the blended rate these outlets pay, and how that split is done. Then tell me what split the horsemen get from out of state signals and how much revenue has been derived from that.

Thanks in advance.

[drylee]

All of that info is available if you call the NJRC. As for the deal, the state must accept or reject the horsemen's bid by feb 22nd. The main sticking point is some environmental issues regarding some of the tracks' land that will be earmarked for development. The horsemen have partnered with private investors who will put up $20 million for operations and the development of the OTW system. This money is already in place. The group is ready to hit the ground running if and when the deal is agreed upon.

[Thinair]

All of that info is available if you call the NJRC. As for the deal, the state must accept or reject the horsemen's bid by feb 22nd. The main sticking point is some environmental issues regarding some of the tracks' land that will be earmarked for development. The horsemen have partnered with private investors who will put up $20 million for operations and the development of the OTW system. This money is already in place. The group is ready to hit the ground running if and when the deal is agreed upon.

But you so liked explaining takeout that I figured you would jump at the chance.

I guess it was too difficult for you. Oh well.

[PJMIII]

Breaking: Monmouth Park deal virtually done

The state moved a critical step closer to getting out of the horse racing business Monday, as the New Jersey Sports and Exposition Authority board authorized agency President Wayne Hasenbalg to sign a deal to turn over operations at Monmouth Park.

http://blog.northjersey.com/meadowla...irtually-done/

[PJMIII]

Sports Authority, Horsemen OK Monmouth Lease

The New Jersey Sports and Exposition Authority said March 1 it has reached an agreement with the New Jersey Thoroughbred Horsemen’s Association for the lease of Monmouth Park in time for the track’s 2012 racing season.

http://www.bloodhorse.com/horse-raci...monmouth-lease

[second_glance]

If Dennis Drazin has his way, there will be major changes to the picturesque Shore track that will transform it from merely a racing facility into a full-fledged resort destination.

A water theme park. A Boardwalk-style area. A miniature golf course. A year-round restaurant. A concert venue — with the possibility of starting races at 4 p.m. and ending as a concert begins.

All are part of Drazin’s grand plan.

Oy.

http://www.nj.com/horse-racing/index...sociation.html

[Man o' Taz]

Forgive my skepticism...but there have been many efforts to make different places in NJ a destination that have failed...see AC, Xanadu and now Monmouth Park.

I wish him all the success in the world...but the bottom line is without political support there is little chance for success.

$25-30 million is not a lot of revenue to generate $750 million in revenue...

Billions have been invested in the casinos...and there is no way they have generated a 2,000% increase in revenues annually.

[algobbi]

65 days at Monmouth this year starting May 12. 10 additional days will be run at Meadowlands on the turf, including Derby weekend.