According to an article by The Star-Ledger, in the recently-approved New Jersey state budget approved last week, the cost of the New Jersey Sports & Exposition Authority's past borrowing for the sports complex

in the Meadowlands increased more than 24 per cent to $56.1 million annually.

The NJSEA operate the Meadowlands Racetrack, widely considered the Mecca of standardbred racing in the United States.

"The next governor -- whoever that is -- will have to decide what the future of the Sports Authority is going to be," senate president Richard Codey was quoted as saying in The Star-Ledger article.

According to the report, racing at the Meadowlands represented an 81 per cent market share of legalized gambling in New Jersey 30 years ago. By 2007, it was down to about one per cent. The article goes on to state that the Meadowlands Racetrack is expected to lose nearly $10 million in 2009. Just three years ago, it was making $11.3 million.

Click here to the read the article in its entirety.

(With files from The Star-Ledger)