"By doing so, not only would the debt be retired, but the Oceanport racetrack would be preserved forever."The Garden State Preservation Trust makes about $115 million available to Green Acres each year. Green Acres serves as the real estate agent for the state and buys land to add to the system of state parks, forests, natural areas, and wildlife management areas.Drazin said that given a sale estimate of $300 million for both tracks, the state wouldn't realize as much profit as people believe given Monmouth's debt and the $11-million debt incurred recently when infrastructure improvements were made to the facility."We would support the governor's idea of Green Acres protection for Monmouth," Drazin said. "But if not, we'd like to see the sports authority choose a new owner based not only on the best price, but the best use of the property."
Several parties that have been identified as potential buyers of Monmouth and Meadowlands include Churchill Downs Inc., Magna Entertainment Corp., former Standardbred owner Louis Guida, and Standardbred owner Bill Perretti.Greenwood Racing, which owns Freehold Raceway and Atlantic City Race Course in New Jersey and Philadelphia Park in Pennsylvania, also has expressed an interest in the NJSEA tracks."We have requested copies of whatever materials the sports authority sends out as part of any solicitations of interest in racing assets," Greenwood chief executive officer Hal Handel said. "It's not very likely, however, that we could compete with the big two (Magna and Churchill) in my view, and it's far too early to tell if we might be an actual bidder."