New Jersey’s largest horse farm is going out of business. Perretti Farms has been a staple in the horse industry for the past 20 years, and now that it’s going out of business, so are , 13,000 jobs, and a $1 billion horse racing industry in New Jersey. Owner of Perretti Farms, William J. Perretti announced that over the next two year period, the equine inventory would be dispersed, being sold on November 7th at Harrisburg, October 3rd at Lexington, and 2012 yearlings would be sold again at Harrisburg and Lexington next year.
Announcing in a press release yesterday, New Jersey Senator, Raymond Lesniak has stated he intends to re-introduce his intrastate online gaming legislation next Thursday.
Earlier in the year, Lesniak submitted his to Governor Chris Christie who vetoed it. Lesniak will make a few tweaks to his bill before re-introducing it again to the Governor.
It is believed by Lesniak that if his bill is approved, it could pump over $200 million in profits into the casino industry, and also add millions to the state treasury and provide a way to self sufficiency and keep the horse racing industry alive. He also explains that the horse racing industry needs an upgrade, and needs to be given the tools and support to make it work for modern times. By authorizing intrastate online betting, a gaming product can easily be accessed, and the state can capitalize on horse race betting online.
“We need to act now, before more of our state’s horse farms or casinos close their doors forever. Online gaming can be a temporary savior until we get sports betting at our casinos and racetracks.” Lesniak said.