The plans for racing at Monmouth Park in 2012 have collapsed again. Real estate mogul and potential investor Morris Bailey has completely withdrawn from being part of any future deals. This was reported at 6:51am on December 12, on mycentraljersey.com, which is the website for the Home News Tribune. Read the entire article. mycentraljersey.com
Investor Abandons Bid for Racetrack
An investor has pulled out of a deal to lease state-owned Monmouth Park, ending a bid by a horsemen’s group to save what would have been a guarantee of thoroughbred racing for the next five years at the Oceanport track.
Real estate executive Morris Bailey is withdrawing the $5 million letter of credit he had posted as a condition to take over management of the track and off-track wagering licenses, his attorney, Ronald J. Riccio, said Sunday.
Bailey’s departure leaves the state options that include rebidding the lease, keeping the track under the management of the New Jersey Sports and Exposition Authority or suspending operations.
At 12:17pm NorthJersey.com, the website for the Bergen Record, posted an article that included some extremely strong comments from New Jersey Governor Christie about the NJ Horsemen’s Association. Read the whole article NorthJersey.com
Governor Gives Thoroughbred Horsemen
One Week or Else
“Well, listen, the problem is that the thoroughbred horsemen are completely untrustworthy. That’s the problem. We had a handshake deal with the thoroughbred horsemen at 12:45 last Tuesday morning, and then eight hours later their lawyer called up and demanded $5 million in purse subsidies.
I simply am no longer going to permit millionaire horsemen to take money from waiters and waitresses and police officers and teachers who are the taxpayers in this state to fund their industry. And so when they — thoroughbred horsemen come and at the last minute and they always do, you can check with Mr. Bailey on this stuff. That’s why Mr. Bailey is gone. Mr. Bailey is gone because the thoroughbred horsemen are completely untrustworthy.”