Darby Development Inc., the company that has been running Monmouth Park in New Jersey under an arrangement with the track’s horsemen since 2012, has been granted an 85-year extension on a lease with the state, a decision that will allow several major real-estate developments at the track to go forward, according to Monmouth officials. Under the extension, the New Jersey Sports and Exposition Authority will continue to own the track and its property. However, the lease on the track will now be held by Darby Development, instead of the New Jersey Thoroughbred Horsemen’s Association, which is in arrears on management fees and legal services to Darby, according to Dennis Drazin, which owns the company. “This creates sustainability for the future,” Drazin said. “Monmouth Park is secure.” The New Jersey THA’s debt to Darby is being erased as part of the lease transfer, Drazin said. :: Bet the races with a $200 First Deposit Match + FREE All Access PPs! Join DRF Bets. The New Jersey Sports and Exposition Authority has owned Monmouth since 1986, when it purchased the track from private interests. The NJSEA began losing money on the operation of the track in the 2000s, leading to pressure to look for a private operator. In 2012, the NJSEA tabbed the New Jersey THA to take over the operation, which hired Darby to manage the track. The lease transfer will provide “stability” for the track to pursue real-estate developments in partnership with Morris Bailey’s JEMB Realty, a major developer in the Northeast, Drazin said. The developments include a 298-unit rental property, a sports-betting facility, and a 200-room hotel. Groundbreaking on the first phase of the project is expected to begin late in 2025, JEMB said in a separate announcement, after the completion of site reviews and permitting. Costs for the project have been estimated at $200 million. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while including important components that serve the community at large,” said Morris Bailey, JEMB’s chairman, who is also a horse owner. Drazin said that Darby and JEMB Realty have agreed to a “50-50 revenue share” from the developments. “The majority of that money will go toward sustainability of the racetrack and to purses,” Drazin said. In the mid-2000s, Monmouth Park received an annual operating subsidy worth $20 million from Atlantic City casinos under an agreement that the track would not pursue casino-gambling. That agreement expired in 2011, but Monmouth in recent years has been successful in convincing the legislature to approve as much as $10 million in annual purse subsidies from the general budget. That legislation has been fully supported by New Jersey Gov. Phil Murphy, who said in a release that the new lease arrangement would “bolster the local economy.” “Through this important development, 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,” Murphy said. Drazin said that Monmouth Park is profitable, in large part due to the legalization of sports betting in New Jersey. Monmouth operates a sportsbook on its property in partnership with Caesars, and the track is also the license-holder for several mobile sports-betting apps. “There were a lot of people who were saying Monmouth Park was doomed back in 2012,” Drazin said. “But I think we’ve proven that it can be profitable, and sports-betting is a big part of that.” :: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.