The New Jersey Sports and Exposition Authority would be allowed to operate the Meadowlands Racetrack jointly with a private lessee under bipartisan legislation approved on Thursday, January 20 by the Assembly Regulatory

Oversight and Gaming Committee.

The bill would allow a one-year transition period as the Meadowlands, which has been operating at large deficits, goes from state control to a private operation. The bill, A-3710, is necessary as officials complete an agreement in which Jeff Gural, a New York racetrack owner-operator and real estate developer, will take over the racetrack.

“This new arrangement will give New Jersey’s important horse racing industry a better chance of success without cost to taxpayers by allowing races to continue uninterrupted and bringing in a new management team as soon as possible,” said bill sponsor Assemblyman Ronald S. Dancer, R-Ocean, Burlington, Mercer and Monmouth. “Having a smooth transition from public to private operation of the Meadowlands Racetrack is vital as the transfer is completed.”

The bill allows for a jointly-operated transition period to last for one year, or until the new owner is approved and licensed to operate the track. It would allow races to continue without interruption and allow the new operator to implement a new management team before the transition is finalized.

“The new future of horse racing is upon us and this is a reasonable step to make sure the industry has every opportunity to flourish with private operation of the Meadowlands,” said Assemblyman Joe Malone, R-Burlington, Mercer, Monmouth and Ocean, another prime sponsor of the bill. “This will allow the new operator to hit the ground running without sacrificing any safeguards currently in law.”

The bill has bipartisan support from Burzichelli, D-Gloucester, chairman of the Assembly Regulatory, Oversight and Gaming Committee. Assembly Republicans Caroline Casagrande and Declan O’Scanlon, both R-Monmouth and Mercer, also sponsor the bill.

(New Jersey Assembly Republicans)