The potential for a casino at the Meadowlands Racetrack in northern New Jersey is contingent upon the allocation of downstate casino licenses in New York. However, the journey to establishing this casino is expected to face significant opposition from various New York gambling stakeholders. In a recent interview with broadcaster Dave Little during the Hambletonian Day harness racing event, Jeff Gural, principal owner of the Meadowlands, elaborated on the challenges and conditions necessary for this development.
Navigating New York’s Casino Landscape
According to Gural, several key developments must occur for a casino to materialize at the Meadowlands. Primarily, he anticipates that two of the three downstate New York licenses should be awarded to the operators of existing slot facilities at Yonkers Raceway (MGM) and Aqueduct Racetrack (Resorts World). Gural expressed doubts about the appeal of traveling across the George Washington Bridge and incurring a toll of $16 to visit MGM at Yonkers for northern New Jersey residents. He believes that if local patrons realize they must travel to New York to enjoy gaming options like slots, poker, and roulette, public sentiment may shift in favor of placing a casino at the Meadowlands. This would require the issue to be placed back on the ballot as a referendum, with the hope of securing approval from voters.
In 2016, Gural’s previous attempt to introduce a casino at the Meadowlands faced a substantial setback when a referendum aimed at allowing casinos outside of Atlantic City was decisively rejected, with 77% voting against it. Gural reflected on this loss, noting that it was not solely about the Meadowlands but encompassed opposition to casinos in the northern region of New Jersey. However, he believes that the unique circumstances of the Meadowlands, which already hosts racing and football events at MetLife Stadium, may work in its favor this time around.
The Economic Implications of Casino Development
Gural emphasized that the potential introduction of a casino at the Meadowlands would not only alter the local landscape but would significantly impact the new downstate New York casinos. He believes that competition from a Meadowlands casino could affect the operations of newly established New York casinos more than those in Atlantic City, given that the latter will primarily be competing against each other and not against the Meadowlands.
The potential for a Meadowlands casino has been a longstanding ambition for Gural. Despite being recognized as North America’s leading harness racing venue, the Meadowlands remains the only major standardbred racing facility without casino-style gaming to support racing purses. This financial support is crucial for attracting top-quality horses, which can be expensive to race. Gural pointed out that the FanDuel Sportsbook at the Meadowlands has been indispensable in keeping operations afloat.
He noted that sports betting revenue is essential for the racetrack’s survival, stating, “Without sports betting, horse racing wouldn’t be here. FanDuel does a great job [and] dominates in New Jersey… [Racing] couldn’t survive without sports betting.” In June, FanDuel led New Jersey’s online sportsbooks with $29 million in revenue, dwarfing its nearest competitor, DraftKings, which reported $14.4 million.
With the added pressure from competition and limited state subsidies, Gural outlined that the Meadowlands shares a $20 million annual subsidy from New Jersey, which it divides with Monmouth Park and Freehold Raceway. He asserted that without this support, neither Monmouth nor the Meadowlands could thrive, particularly in comparison to tracks benefiting from substantial slot revenue.
As the Meadowlands continues to face competition for revenue, the recent Hambletonian card brought in impressive figures, with $3.45 million in purses distributed. Betting on this prestigious event exceeded $7 million for the first time in seven years, reflecting the racetrack’s popularity, even if financial challenges persist.
Looking to the future, Gural expressed cautious optimism about the prospects of establishing a casino at the Meadowlands within the next five to ten years. He reiterated, “The key is a casino, to be honest with you. I’m confident because I really think we’ll get as long as the referendum is limited to The Meadowlands and not just any place in northern New Jersey.”
Source : https://www.playnj.com/news/gural-says-casino-meadowlands-would-come-after-downstate-ny-licenses/82221/