Mar 08, 2008
New Jersey horse racing to receive continued support
By: SPORTS NETWORK
Trenton, NJ (Sports Network) - Monday evening New Jersey Governor Jon Corzine announced that an agreement had been reached on casino revenue support for the state's racetracks.
"I'm pleased to announce that after extensive discussions we have crafted an agreement that will extend a three-year lifeline to the horse racing industry," Governor Corzine said in a statement. "The announcement is the result of months of discussions involving members of the governor's office, the assembly speaker and the senate president. I especially want to thank senator Jim Whelan and assemblyman John Burzichelli."
Legislation is expected to be introduced shortly to finalize the agreement process.
"The agreement calls for the casino industry to provide $90 million, over three years, to principally supplement horse racing purses as well as provide support for equine breeding programs," the statement continued. "It also encourages casino growth by restructuring taxes on future promotional credits. In addition, the agreement extends for three years a moratorium on Video Lottery Terminals. Both the equine industry and the casino industry play important roles in New Jersey, from preserving open space to attracting visitors, and it was essential to strike a balance that will allow both industries to thrive. The agreement involves no taxpayer dollars and will not reduce casino funds that flow to the state."
New Jersey horse racing received $86 million from the casinos the last four years.
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