Freehold Raceway announced today that effective January 2, 2009 overnight purses will be reduced 25% across the board. Stakes races scheduled to begin in March would not be affected.

“This unfortunate and dramatic reduction is a combination of a continued decline in wagering handle and an ongoing overpayment of purses for several months,” said General Manager Donald Codey, Jr. “We are continuing to try to resolve the issues surrounding the Purse Enhancement Agreement (PEA) and have offered suggestions to both the NJSEA and Casino Association of New Jersey. Freehold Raceway has been ready and willing to sign the agreement if the terms remained consistent with the prior agreement which included site specific restrictions on expanded gaming and not locking in any parent company to the agreement. Resolving those items and unlocking the PEA funding would be a cushion to those purse reductions currently being put in place.”

(Freehold)