The cancellation of racing at Meadowlands for several days following the Sept. 11 terrorist attack on the World Trade Center cost the New Jersey Sports and Exposition Authority an estimated $866,500, according to numbers released Friday, Nov. 16.
As reported by the Bergen Record, the NJSEA will be out a total of $3.2 million in lost revenue from cancelled events, expenses for additional security, and the disaster relief effort.
"It is incumbent upon us to recognize the dramatic impact on the Sports and Exposition Authority operating revenues and costs stemming from the Sept. 11 attacks," said NJSEA chairman Joseph Buckelew.
In addition to the costs associated with cancellation of racing, NJSEA lost about $440,000 on the cancellation of a New York Giants football game and $69,000 when a MetroStars soccer game was cancelled. The Record noted that the cancelled football game has been rescheduled for early January, meaning that if the sports authority receives its anticipated revenue from the event the cost of the attacks effect will be $2.8 million.
The newspaper reported NJSEA, which operates Monmouth Park and Meadowlands Racetrack, has spent $300,000 on additional security and $1-million to enhance event security as a result of Sept. 11.
In its 2002 budget released Friday, NJSEA forecast an $11-million hike in event revenues to $212-million, with event expenses increased $12-million to $175-million. The sports authority is budgeting 2002 revenues of $21.6-million from racing at Meadowlands, an increase of about $2-million over the current year.