It has been reported that Jeff Gural has the ability to get out of the lease agreement for the Meadowlands Racetrack if casino gaming is introduced to the Meadowlands by another operator.
The news comes courtesy of a report by The Bergen Record.
The article explains that Gural would have to renegotiate the terms of the current lease with the New Jersey Sports and Exposition Authority if he wins the right to build a casino at the Meadowlands.
The report goes on to explain that Gural has the right to cancel the lease if any other operator gains the right to build a casino at the Meadowlands.
“A casino next to a racetrack, does well because the racetrack customers would go into the casino,” Gural was quoted as saying. He went on to say, “If the casino opens and someone else owns it, I think it would kill the track.”
News of the lease clause comes on the heels of a State Assembly gaming committee voting 4-1 in favour of releasing a bill that could lead to the study of potential new casino in Bergen County, home to the Meadowlands Racetrack.
(With files from The Bergen Record)