Freehold Raceway, a historic horse racing track in New Jersey, is closing its doors after 151 years of operation. Despite benefiting from tax breaks and government subsidies, the track’s owners have decided to shut it down. This has raised questions about the future of the property and the fairness of its tax reductions.
Why Is Freehold Raceway Closing?
In recent years, Freehold Raceway has faced challenges. The owners, FR Park Racing, received large tax breaks and government subsidies to keep the track running. For example, they got a $1.6 million subsidy from taxpayers every year and had their taxes lowered significantly in 2022. Despite these efforts, the owners are putting the property up for sale, saying it no longer fits their plans.
How Tax Breaks Helped the Owners
The owners benefited from a court settlement that reduced their taxes. In 2022, they saved over $300,000, with the assessed value of the property dropping from $22 million to $16.1 million. By 2025, the value is set at $13.38 million. However, some local officials believe the owners want to sell the property for much more than its assessed value.
Future Plans for the Property
Freehold Borough, where the raceway is located, is studying how to best use the land. Some ideas include keeping horse racing as part of the redevelopment, but home developers are already showing interest in buying the property. The town’s vision for the property’s future may differ from what the owners envision.
Controversy Over Casino Plans
For years, FR Park Racing tried to open a casino at the raceway but failed. They also ran a sports betting facility for four years, which closed this summer. A lawsuit filed by a horse racing association claims the owners did not maintain the property, causing a loss of business and income.
Monmouth Park: Another Example of Tax Breaks
Monmouth Park, another racetrack in New Jersey, also received a large tax break in 2021. Its taxes were reduced by about $212,000, thanks to a court settlement. The track plans to develop part of its land for new uses, including commercial projects.
The closure of Freehold Raceway marks the end of an era for New Jersey horse racing. The track’s history, dating back 151 years, is now overshadowed by financial struggles, lawsuits, and redevelopment plans. As the property’s future remains uncertain, it highlights the complex relationship between businesses, government subsidies, and local communities.
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