STATEMENT FROM THE GOVERNOR ON AGREEMENT TO SUPPORT NJ HORSE RACING INDUSTRY

TRENTON - Governor Jon S. Corzine tonight issued the following statement on an agreement reached to support the horse racing industry. The agreement will require legislation, which is expected to be introduced soon.

“I’m pleased to announce that after extensive discussions we have crafted an agreement that will extend a three-year lifeline to the horseracing industry. The announcement is the result of months of discussions involving members of the governor’s office, the Assembly Speaker and the Senate President. I especially want to thank Senator Jim Whelan and Assemblyman John Burzichelli.

“The agreement calls for the casino industry to provide $90 million, over three years, to principally supplement horse racing purses as well as provide support for equine breeding programs. It also encourages casino growth by restructuring taxes on future promotional credits. In addition, the agreement extends for three years a moratorium on Video Lottery Terminals. Both the equine industry and the casino industry play important roles in New Jersey, from preserving open space to attracting visitors, and it was essential to strike a balance that will allow both industries to thrive. The agreement involves no taxpayer dollars and will not reduce casino funds that flow to the state.”

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Photos from Governor Corzine's public events are available in the Governor's Newsroom section on the State of New Jersey web page, http://www.nj.gov/governor/news/