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80 acres of land surrounding Monmouth Park Racecourse to be developed into a large multi-use resort

Broadcast United News Desk
80 acres of land surrounding Monmouth Park Racecourse to be developed into a large multi-use resort

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After decades of discussion and planning, 80 acres of land near Oceanport’s Monmouth Park horse racing track will enter the first phase of development into a mega-metropolis that will include multifamily housing, hotels, retail, entertainment and youth sports facilities, according to an announcement Thursday by real estate developer and Developers Association President Morris Bailey. JEMB Real Estate — a multi-generational real estate company with extensive office, residential and entertainment experience — and Resort Hotel Casino In Atlantic City.

The first phase of the project will be in partnership with the State of New Jersey and Dennis Drazin Darby Developments Ltd.expected to break ground in the fourth quarter of 2025.

Bailey and his team have been working closely with the New Jersey Thoroughbred Horse Association, the New Jersey Athletic and Exposition Authority, local community stakeholders and elected officials, and Darby, who recently signed an 85-year lease for the iconic Monmouth Park.

The results of Bailey’s work — combined with the relationships he has built over the years with local and state officials and his passion for the sport of horse racing — will transform the surface parking lot and create a year-round destination for local residents and visitors.

“Monmouth Park Racetrack is an iconic New Jersey attraction,” said Governor Phil Murphy. “We are pleased to see this project moving forward, which will boost the local economy and ensure the area remains a popular destination for generations to come. With this important development, the history and legacy of the racetrack will not only be cemented, but expanded and enhanced so that more New Jerseyans can experience its excitement.”

Plans for the 80-acre site include:

  • A residential building with 298 units
  • 200-room hotel
  • Youth Sports Community Center
  • entertainment/music venues and experiential retail components.

“We are embarking on the next phase of a journey that began more than a decade ago when we developed plans to reimagine and reinvent the Monmouth Park experience that has brought endless joy to generations of horse racing fans,” said Bailey. “We have been steadfast in our advocacy to restore the area to its rightful place as a premier destination for horse racing and family entertainment while incorporating important elements that serve the entire community. The result of an intensive, complex and lengthy process, our plan will create a vibrant lifestyle destination for generations to come and put the racecourse on a trajectory for tremendous growth.”

Bailey has been a leader in Atlantic City’s resurgence over the past decade, repositioning the Resorts Casino Hotel. He was one of the first to embrace online gaming and sports betting in the U.S., establishing strategic partnerships with two of the world’s largest digital gaming companies. In 2015, he founded Resorts Digital Gaming, a leading online gaming company. Bailey’s efforts in New Jersey laid the foundation for the expansion of online sports and gaming throughout the U.S.

“Monmouth Park is my favorite place,” Bailey said. “To ensure the success of this extraordinary racecourse and sustain horse racing in New Jersey, we are excited to bring our development expertise to the surrounding area to create a vibrant destination that will delight new and returning visitors alike.”

Bailey is also chairman of the board of JEMB Realty, which owns a broad portfolio of office, retail, residential and hotel assets in New York, including One Willoughby Square, Brooklyn’s tallest office building, and One Park Point, a luxury rental development in Brooklyn’s Park Slope neighborhood, as well as in New Jersey, Florida and Montreal, Quebec.



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