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NJ Agency Approves $90 Million Deal July 17, 2008 A $90 million deal to keep New Jersey's horse racing industry alive for another three years earned unanimous approval today from the state agency that oversees the Meadowlands and Monmouth racetracks. The New Jersey Sports and Exposition Authority voted to approve agreements reached in recent months with the casino industry and the associations representing owners of Standardbred and Thoroughbred racehorses. The next step is for the agreements to be sent out to leaders of the casino and horse-racing industries for their approval, according to the authority. Gov. Jon Corzine announced in March that casinos agreed to pay $90 million to support the horse-racing industry for the next three years, in exchange for racetracks agreeing not to install video slot machines. The casino funds will supplement "purses," the prizes paid to horses, and will also support horse breeding programs, according to the governor. |
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