As Horse Racing Declines, Meadowlands Racetrack Eyes Casino to Boost Revenue
the staff of the Ridgewood blog
East Rutherford, NJ — Meadowlands Racetrack ,home to the prestigious Hambletonian harness race — is at a turning point. With declining interest in horse racing and mounting financial pressure, track owner Jeffrey Gural is looking to the future: and that future could include a full-fledged casino.
Horse Racing Faces Decline in New Jersey and Nationwide
Once one of America’s most popular sports, horse racing has seen a steady decline over the decades. According to The Jockey Club, the number of thoroughbred races nationwide has dropped from about 71,000 in 1988 to fewer than 31,000 in 2024.
New Jersey is no exception. Of the three racetracks that once operated in the Garden State, only two remain — the Meadowlands and Monmouth Park. The now-defunct Freehold Raceway shut down in 2023 due to lack of interest. To help keep the industry afloat, New Jersey provides $20 million in annual subsidies to the two remaining tracks.
The Hambletonian: Harness Racing’s Super Bowl
Despite the decline, the Meadowlands Racetrack remains a major player in the harness racing world. On August 2, the Meadowlands will host the 100th running of the Hambletonian, often referred to as the “Super Bowl of harness racing.” Organizers expect 15,000 to 20,000 attendees for the centennial event.
The race has been held at the Meadowlands since 1981, moving from rural Illinois to gain better access to the NYC media market. In its heyday, the Hambletonian drew over 32,000 fans.
Betting Trends Shift Online
While live crowds have thinned, online and mobile betting is booming. In 2024 alone, $12.2 billion (96%) of the $12.7 billion in sports bets in New Jersey were placed online, according to the state’s Division of Gaming Enforcement. Traditional trackside betting accounted for only a fraction of overall revenue.
In response, Gural has turned to hosting festivals and unique events — like wine tastings, beer fests, seafood nights, and even the upcoming Corgi Cup — to bring more people to the venue.
Gural’s Vision: A Casino at the Meadowlands
To secure the racetrack’s long-term future, Gural wants to bring a casino to the Meadowlands. The idea is to compete with potential new casinos in nearby New York City, including proposals near Hudson Yards and Citi Field.
“If people are going to lose money gambling, I’d rather they do it here than pay tolls and drive to New York,” said Gural.
A “racino” — a combined racetrack and casino — could bring life to the Meadowlands year-round, with amenities like luxury hotels, live shows, upscale dining, niche sports betting, and pools. A ballot initiative may appear before New Jersey voters in 2026, after the next gubernatorial election.
Cost and Competition
A Meadowlands casino wouldn’t be cheap. Gural estimates it could cost up to $2 billion, requiring a partnership with an established casino operator. For comparison, Ocean Casino Resort in Atlantic City cost $2.4 billion to build, and the Hard Rock Hotel & Casino renovation was $500 million.
The Meadowlands already boasts the top-performing FanDuel Sportsbook, pulling in $569 million in 2024 — far ahead of other competitors like Resorts Casino Hotel ($297 million) and Borgata ($80 million).
What’s Next for New Jersey Gambling?
State lawmakers have introduced a bill to amend the constitution and allow casino gambling at the Meadowlands and Monmouth Park. If passed, the measure would go to voters, potentially transforming North Jersey’s entertainment and gaming landscape.
In the meantime, Gural and his team are banking on the historic 100th Hambletonian and a slew of events to keep the racetrack relevant in a fast-changing industry.
Conclusion
The Meadowlands Racetrack stands at the intersection of tradition and transformation. With harness racing facing a historic decline and online betting dominating the industry, adding a casino may be the bold step needed to ensure the track’s survival — and maybe even revival.
Stay tuned as New Jersey weighs its next big bet.
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