TRENTON, N.J. (WCBS 880/AP) — New Jersey Gov. Chris Christie says a deal has been reached to lease the Meadowlands and Monmouth Park racetracks to private operators who will run them without state purse subsidies.

Christie said Thursday night that the private operators will assume control of the tracks on June 1.

WCBS 880’s Levon Putney reports: New Jersey Racetracks Turned Over To Private Owners

New York investor and developer Jeff Gural will take control of the Meadowlands harness racing track in East Rutherford.

Resorts Atlantic City casino owner Morris Bailey will operate the Monmouth Park thoroughbred track in Oceanport.

Gural plans to invest $90 million to build a new grandstand at the Meadowlands and develop an off-track wagering facility in Bayonne.

In addition to Monmouth Park, Bailey will take over operation of the off-track wagering facility in Woodbridge and work with Gural to develop additional OTW facilities.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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