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Tuesday, August 16, 2011

Time Has Run Out on Perretti Farms

It has been announced that Perretti Farms will be closing up with a complete dispersal over the next two years. Yearlings and Broodmares will be sold this year while this year’s weanlings will be sold next year as yearlings. With New Jersey’s pre-eminent breeder closing up shop, not only is a lot of farmland going to be available for possible commercial development, but NJ’s reputation for developing champion standardbreds may be coming to an end. While no decision has been made regarding their stallions, with Lucky Chucky, Matt’s Scooter, Mcardle, Muscles Yankee, and Rock N Roll Hanover potentially heading out of state, New Jersey’s breeding program and the NJSS may be reduced to a second or third-rate program.

The writing has been on the wall even before Jeff Gural saved the Meadowlands, the farm lost money last year on their yearlings, and anticipates loosing money again this year. Why does the farm lose money on their yearlings? First of all, all the partnerships formed before a yearling walks into a ring reduces the price yearlings obtain. Secondly, once Governor Christie had stated there will be no subsidies, purses even with the reduction of race days will be pedestrian compared to slot-infused racetracks. How many people are going to be interested in New Jersey sired horses, especially when the future of Freehold is up in question. Sure the best of the best have stake opportunities at the Meadowlands but as we all know for every great horse a sire throws off, there are those who will not develop into anything more than an overnight horse. With states restricting more and more races to state breds, where will the not ready for prime time horses in New Jersey race; especially when the total local standardbred racing calendar has been reduced to about 150 days?

As bad as the loss of Perretti Farms will be, how can the other farms in New Jersey survive for any length of time? With Bill Perretti reaching 84, there is no time to wait to see if slots make it to the Meadowlands, but for other farms in the state who are holding out for the possibility of slots, how much longer can they survive holding out for the possibility; they need the guarantee of slots coming to the Meadowlands. Otherwise, there will be a lot of farmland available for redevelopment.

Crys Dream Redux - The Daily Racing Form's version of what I have already said about this situation.  Professor Simon, you taught me well.

1 comment:

Bob English said...

The State has no problem with contributing $250 million for the privately owned Revel Hotel, $200 million to finish the privately owned Zanadu complex and $100 million for Panasonic to move 10 miles down the road......but when it comes to letting the horse racing industry compete on an even basis with competition in surrounding states, that is where the Governror says no.

New Jersey stands to lose $780 million of economic impact annually, 7,000 jobs, $110 million in federal, state and local taxes, and 57,000 acres of working agricultural landscape and open space should the racetracks close.

Slots/VLTs at the Meadowlands would produce $1 billion/year in new revenue without harming AC.

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