The New Jersey Sports & Exposition Authority today announced that it would commence negotiations with Morris Bailey for the private leasing of Monmouth Park Racetrack in Oceanport.
Bailey, a licensed horse owner and breeder, is the founder of two real estate development companies and in December of 2010 purchased Resorts Atlantic City.
“The NJSEA is looking forward to vigorous and productive negotiations with Mr. Bailey whose resources, track record, and vision provide the most reasonable prospect for the private leasing of Monmouth Park by June 1, 2011.” stated NJSEA Authority Chairman Mike Ferguson in a release.
Gov. Chris Christie has said he wants the horse racing industry to become self-sustaining.