State law must change before any entity other than the New Jersey Sports and Exposition Authority operates Meadowlands and Monmouth Park.
The Newark Star Ledger
reported May 18 that legislative change is needed before action can be taken. Major racing companies such as Churchill Downs Inc. and Magna Entertainment Corp. have been named as suitors.
Investment bankers from Lehman Brothers will not seek offers until the law is changed. The Star Ledger
reported the NJSEA hopes for a vote before the legislative session ends July 1.
"We are working with (state Senate President Richard) Codey on the legislation right now," NJSEA chief executive George Zoffinger told the newspaper. "He wants to make sure he agrees with what we are doing."
Codey is close with the New Jersey Thoroughbred Horsemen's Association, which opposes Zoffinger's plan.
Both tracks regularly make a profit. Meadowlands, which offers the premier harness racing meet in the country, is said to be the single-largest wagering outlet in the nation in terms of money bet on site each year.