Morris Bailey, a New Jersey real estate tycoon whose DGMB, LLC, owns Resorts Casino Hotel in Atlantic City, today unveiled a phased development plan to transform the Monmouth Park Racetrack grounds into a mixed-use destination. Renderings reveal an ambitious vision for the storied racetrack, featuring a 200-room hotel and nearly 300 residential units.
Bailey’s JEMB Realty, known for its extensive experience in office, residential, and entertainment projects across New Jersey, will lead the overhaul of Monmouth Park’s 80 acres of paved parking lots and undeveloped property into a vibrant mixed-use complex. This announcement marks the culmination of decades of discussions with various stakeholders. The development will include multi-family housing, a 200-room hotel, retail shopping, entertainment venues, and youth sports facilities. Dennis Drazin’s Darby Development, which recently acquired full ownership of Monmouth Park after leasing operations for the past 12 years from the New Jersey Sports and Exposition Authority (NJSEA), is partnering in this venture.
Bailey indicates that construction at Monmouth Park is expected to commence in the fourth quarter of 2025, pending the securing of permits and construction teams.
Monmouth Park, located in Oceanport and less than two miles from the Jersey Shore, is slated for a multiyear, multiphase development that Bailey says will “reimagine” the historical horse racetrack, home to the annual Haskell Invitational. This major race for three-year-old thoroughbreds takes place in July, following the conclusion of the Triple Crown and preceding the Breeders’ Cup.
“We are embarking on the next phase of a journey that began over a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought so much joy to generations of horse racing enthusiasts,” Bailey said in a press release. “We have always been staunch advocates for returning the area to its rightful place as the premier destination for horse racing and family entertainment while including important components that serve the community at large.”
This transformative project has garnered the support of several state agencies, including NJSEA and the New Jersey Thoroughbred Horsemen’s Association. New Jersey Governor Phil Murphy praised the initiative, stating, “Monmouth Park Racetrack is an iconic New Jersey attraction. We are thrilled to see this project move forward, which will bolster the local economy and ensure that the area is a popular destination for generations to come.”
In addition to the 200-room hotel, the Monmouth Park blueprint includes plans for a 298-unit residential building, indoor and outdoor sports facilities tailored towards youth sports, and an outdoor pool complex. The mixed-use complex is also set to feature a live music venue.
Currently, New Jersey’s brick-and-mortar casino gambling is restricted to Atlantic City, though retail sports betting is permissible at the state’s three horse racetracks. Monmouth Park was among the first locations to open a retail sportsbook following the 2018 Supreme Court repeal of a federal law limiting single-game betting to Nevada.
In May, Monmouth Park broke ground on its trackside Caesars Sportsbook. Until now, the sportsbook operation has been located inside the grandstand in an outdated sports bar since the facility gained sports betting privileges over six years ago.
There have been previous efforts to expand in-person casino gambling outside of Atlantic City, spearheaded by Meadowlands owner Jeff Gural. However, resistance from Atlantic City interests has stalled these initiatives.
New Jersey Senator Joseph Pennacchio has championed efforts to amend the state constitution to allow slot machines at racetracks for over a decade. His proposals, including the 2024 Senate Concurrent Resolution 14, have suggested channeling 30% of racino slot taxes back to Atlantic City’s nine casinos. However, Pennacchio’s recent resolution failed to advance out of the State Government, Wagering, Tourism & Historic Preservation Committee.
