Garden State Park to Cease Operations

Garden State Park will shut down Dec. 4, affecting 1,200 jobs and ending a 51-year racing tradition at the financially troubled track, its owners said Wednesday.

The track could close earlier if a buyer is found for the 287-acre complex, said Robert E. Brennan, founder of International Thoroughbred Breeders Inc., which owns and operates the park. Several prospective buyers have expressed interest, he said.

Brennan said the company’s seven-member board approved the decision to close in December when the 51-day harness racing season ends. Brennan had proposed closing when the thoroughbred season ends May 29.

Brennan made the announcement during a state Racing Commission meeting at the track Wednesday afternoon. It had been speculated for several months that the track would close or be sold.

“This decision was not reached easily,” Brennan told the racing commission. “We are deeply sensitive to our obligation and responsibility.”

Brennan said ITD invested $180 million to refurbish the track, but since 1985, the company has sustained more than $78 million in losses. The property is assessed at $88 million, he said.

Garden State Park opened in 1942. A fire ripped through the grandstand on April 14, 1977, and the track was reopened in 1985 and touted as “the racetrack of the 21st century.”