Monmouth Park purse payments remain delayed two months after the conclusion of the racing season, with some Thoroughbred owners and trainers still unable to withdraw earnings from the May 10-Sept. 13 meet and the turf-only mini-meet at the Meadowlands (Sept. 19-Oct. 17).
Dennis Drazin, chairman and chief executive officer of Darby Development LLC, which operates Monmouth and its sportsbook, confirmed Friday that while progress has been made, the company continues waiting for state funding to fully replenish the purse account.
“We have been paying out the purses since [the initial report]. Any money that we get in, we put right into the purse account, and we’ve probably paid over a million dollars, maybe a little higher than that, maybe [around] $1.3 million,” Drazin said.
Drazin emphasized that Darby Development acknowledges its responsibility for purse payments.
“Let me make it clear to begin with, the responsibility to pay purses at the racetrack is the responsibility of the permit-holder, which is us. So we’re not saying, ‘It’s not our responsibility.’ I can assure you that everyone will be paid,” he said.
The delays stem from multiple state funding sources that have yet to arrive, including a $3.5 million allocation approved in July’s budget process.
“We have not received that money yet. We have filled out the applications that we have to to get that money coming,” Drazin explained. “If I got that money at any point soon, we’d put all that’s needed to pay all the purses immediately. We would not divert it anyplace else.”
When asked about the outstanding balance, Drazin declined to provide a specific figure without consulting the bookkeeper, noting that ongoing payments have “dissipated a lot of what’s owed.”
The funding delays involve several state entities. The New Jersey Racing Commission acts as a clearinghouse for distributing money after ensuring post-race drug tests are clear and simulcasting revenue is properly tallied. Additional funds must pass through the New Jersey Sports and Exposition Authority (NJSEA), which handles some account-wagering money.
“That money from Meadowlands, as of today, has not come in yet. But we know the racing commission has indicated that they are sending it, so we expect that money this [coming] week,” Drazin said.
He added that some funds arrived Friday afternoon from the NJSEA and would be distributed early the following week.
Purse payments are processed in chronological order based on when withdrawal requests are received. “Requests that come in first get paid first,” Drazin explained.
When asked if the current situation was unusual, Drazin indicated it wasn’t unprecedented.
“We had a problem two years ago with the commission where they were eight months behind sending us money. And frankly, when the commission doesn’t pay us, like in that year, we’ve loaned the money to the purse account from our own funds in order to make sure the horsemen got paid.”
The track hasn’t loaned money to the purse account this year because “the horsemen this year were overpaid about $3 million from last year,” according to Drazin. He added that if delays continue much longer, “my intention would be to fund the account myself to make sure everyone gets paid.”
Looking ahead, Drazin outlined potential solutions to prevent similar issues in future seasons, including adjusting how purse projections are calculated.
“A better practice going forward is probably not to project October, November and December’s revenue in the purse account, but carry that over until the following year, so you’re not making horsemen wait,” he suggested.
Some horsemen have proposed cutting race days or purses to avoid future payment delays, but Drazin noted that “the majority of horsemen want the higher purses, and they don’t want to give up days.”
Drazin’s message to concerned horsemen emphasized patience.
“For the past 12 years we’ve operated the track, and done so at significant losses,” he said. “We’re asking them to bear with us. We’ll get them the money as quickly as we can. I can certainly assure everyone that everyone will get paid every dollar that they’re owed.”
