On Thursday, March 3, the New Jersey Sports and Exposition Authority sent out a Request for Proposal for parties interested in take over operations of Monmouth Park
.
An article by northjersey.com cites the RFP as stating that the proposers which comes out on top in the process will enter into a five-year lease agreement for the operation, maintenance and management of the racetrack with an option to renew the lease. The winning proposer could take over operation of the raceway as soon as June 1, 2011.
The report states that interested bidders are invited to a meeting at the track on Thursday, March 10 to learn more about the terms of the deal.
The completed RFP is due back March 31.
The article explains that the winning bidder would be able to keep all revenue from the track, and that the new operator would also be able to acquire the right to build a maximum of four off-track wagering locations, as well as obtain the license for Favorites at Woodbridge, the only OTW opened by the state so far.
(With files from northjersey.com)
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