Darby Development, led by CEO Dennis Drazin, has assumed full control of Monmouth Park in New Jersey under a new 85-year lease agreement. Having operated the racetrack for the past 12 years, Darby now plans a major expansion to transform the site into a multifaceted entertainment destination.
The redevelopment plans include a new Caesars Sportsbook, a 200-room hotel, 298 apartments for residents aged 55 and over, a youth sports complex, and an entertainment center. Darby will collaborate with developer Morris Bailey to bring the vision to life. Construction of the sportsbook is already underway, with additional elements expected to break ground within six to nine months.
“You can’t just rely upon your racing products at this point in time to be successful,” said Drazin. “You have to make it a destination for people to come to.” He emphasized that the future sustainability of Monmouth Park depends on diversifying its offerings to attract a wider audience.
Dennis Drazin
Over $20 million has been invested in the sportsbook alone, which is expected to be completed within a year. Additionally, Monmouth Park is partnering with NYRA Bets to enhance its online presence, a move aimed at drawing a broader audience and bolstering revenue streams to sustain the racetrack.
New Jersey Governor Phil Murphy voiced his support for the development, noting its potential to strengthen the local economy and secure Monmouth Park’s legacy. “Monmouth Park Racetrack is an iconic New Jersey attraction,” Murphy said. “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.”
Phil Murphy
Drazin also hinted at future possibilities, including the introduction of a casino or racino at Monmouth Park if New Jersey expands its casino regulations in the coming years.
Developer Morris Bailey, who is partnering with Darby on the project, expressed optimism about the transformation. “Our plans will create a vibrant lifestyle destination for future generations and will put the racetrack on a trajectory for enormous growth,” he said.
The expansion aims to revitalize the historic racetrack, which dates back to 1946, by blending entertainment, residential, and sporting facilities to ensure its sustainability for the future.
