Back from the brink, Big M booming 10 years later

It was just 10 years ago that The Meadowlands was teetering on the brink of extinction.

The State of New Jersey no longer wanted to be in the harness racing business and the possibility of the track shutting down was genuine.

That’s when Jeff Gural and his investors stepped in to save the flagship venue of Standardbred racing.

“I thought that if The Meadowlands closed,” said Gural, the chairman and chief executive officer of the mile oval, “that would be the end of harness racing. But harness racing is my passion. I own horses and two breeding farms. Literally, it was 48 hours to closing. Gov. Chris Christie, he was going to close it, no question in my mind. Truthfully, I was shocked, I thought he was bluffing. So I took a shot.”

The fact is, The Big M was still clinging to its claim as the top track in the game in March of 2011, but things were anything but grand.

Business was poor, maybe not by industry standards at the time, but clearly — as compared to now — betting was anything but bustling. In 2011, average handle during January was $2,149,062. During February, that number was $2,077,952. During 2021, those numbers were $3,398,125 and $3,430,923, respectively, to represent an increase of $2.6 million per weekend.

Gural opened New Meadowlands Racetrack in 2013 opposite the longtime facility with a structure that had a fresh new look built to more comfortably accommodate the betting public. Five years later, in 2018, sports betting came to the mile oval in the form of the FanDuel Sportsbook, and that facility became the most prolific of its kind in the country, including the properties in Las Vegas.

“Sports betting has saved the day,” said Gural. “Without it, we might be closed. As far as business goes, nobody ever dreamed we would be as dominant as we are. Choosing to partner up with FanDuel was obviously the right decision. Our sportsbook is the biggest in the world, nobody does as much business as we do and it’s very rewarding to see that.”

Another factor in The Big M’s resurgence came during 2019, when Gov. Phil Murphy and The New Jersey State Legislature provided economic stimulus to New Jersey’s racing industry. By raising purses, Meadowlands management was able to offer a highly competitive purse structure as its battle with nearby states who have purse accounts bloated by slot machine revenues continues.

The increased purses have enabled The Big M’s race office to offer full fields and 13 races when racing takes place every Friday and Saturday night.

“We got a subsidy from the state, so purses are OK,” said Gural. “We take over a million dollars a year from sports betting for purses. We have sponsors. Compared to any other track in the country, when you look at the money we spend on stakes, it’s staggering.”

Gural still has hopes for casino gaming in the Garden State, which could be a game-changer.

“I think the best hope for The Meadowlands is to get a casino. Once downstate New York gets them, hopefully we would then get them, which would create a lot of revenue. I do think, long term, that we will get a casino.”

“The year 2020 is over,” said Jason Settlemoir, the track’s chief operating officer and general manager. “And looking back, it was a testament to how resilient The Meadowlands and the State of New Jersey are.

“One year after COVID-19 shut the country down, and 10 years after The Big M appeared to be finished, the hard work of Jeff Gural, Gov. Murphy and the State Legislators has seen The Meadowlands increase handle 61 percent from 2011 to 2021. The Big M, the flagship track of Standardbred racing, continues to be the most popular nighttime signal of any breed in North America. When you think of excellence in Standardbred racing, you think of The Meadowlands Racetrack. Together, Mr. Gural and the state have created an incredibly valuable asset for New Jersey.”

“It’s great to see how everybody is betting our product,” said Gural of The Big M, which has seen wagering of more than $3 million on all 12 Saturday night programs during 2021. “What’s helped us is our driver colony. Andy McCarthy stayed here for the winter, and he brought his brother Todd over (from Australia). Scott Zeron stayed here rather than go to Florida. Tim Tetrick is back and David Miller is expected next week. We really have the best drivers in the world driving here — no track comes close — and I think that makes for a great product.”

And, hopefully, an even better next 10 years to come.