Day At The Track

End of an era: Perretti begins dismantling

06:00 PM 10 Oct 2011 NZDT
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Five years ago, Perretti Farms -- New Jersey's largest and most prestigious standardbred breeder and harness racing stable -- bought a 310-acre property in North Hanover for $2.5 million. The idea was to expand operations and use the land as a winter home for broodmares, and to give pastures at the main farm a rest.

But then the harness racing industry in the state took a nosedive. Interest has been waning at the Meadowlands Racetrack in East Rutherford, with crowds last year at their lowest in history for harness races and the average amount of money wagered on the trotters and pacers down nearly $1.5 million from its peak in 2000, according to racetrack figures. Racetracks with casinos have lured more horse-racing fans to Pennsylvania and New York.

With such a dismal outlook, Perretti Farms has decided to dismantle in two years a business it took founder William Perretti 25 years to build.

The process begins in earnest on Wednesday at an auction of some of the most pristine land in New Jersey, the 310-acre property in Burlington County that is 12 miles away from its main farm in Cream Ridge.

To read the article in full written by by Sarah Portlock of The Star-Ledger on the site just click on this link.


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