According to a report in the Asbury Park Press, the New Jersey Thoroughbred Horsemen's Association, which operates Monmouth Park, owes $30 million to the company it hired to manage the racetrack.
The debt to Darby Development LLC grew by $5 million in both 2015 and 2016, according to public records cited by the newspaper. Still, representatives from both groups expressed little concern about the size of the debt and said sports betting at Monmouth promises to boost future revenues.
“The feeling right now is that there are better days ahead,'' said Robert Matthies, a member of the NJTHA board. “If you're down in the dumps and you see expenditures in some areas that you would or wouldn't agree with… right now I think good times are on the horizon.”
But some horsemen are taking a wait-and-see approach.
“I think we're optimistic with sports betting, but everyone is in the dark about what the horsemen, moving forward, what our percentage is going to be. We're in the dark about what's going on,'' said trainer Greg Sacco, “That's a lot of money they owe Darby. We're waiting with bated breath to see what portion of sports betting is going to go for us.''
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