The New Jersey Sports and Exposition Authority has lost, or is losing, its professional sports tenants at the Izod Arena and Giants Stadium, but the state auditor is blaming the Meadowlands’ and Monmouth Park’s losses as the reasons for needing a $32.9 million state bailout.
The NBA Nets are already gone, departed for Newark and ultimately Brooklyn when an arena is built there. The Red Bulls soccer team has moved to Harrison. And the Giants and Jets will play in a new, privately-operated stadium with greatly reduced lease payments of $6.3 million instead of $20 million they previously contributed to the sports authority.
The future of Atlantic City casino subsidies, up this year, also remains in doubt. The Authority has cut its payroll by $1.3 million since last fall and is working on other operational cuts.
(Harness Tracks of America)