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NJ consultants say sell

November 19, 2003
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The New Jersey Sports and Exposition Authority has been told by bankers from Lehman Brothers that it should sell control of the Meadowlands and Monmouth racetracks. The full board of the sports authority will meet Wednesday, Nov. 26, to decide whether to seek formal bids.



Bids for both racetracks is expected to reach approximately $300 million, according to the recommendation by Lehman Brothers. Last year the two facilities generated a profit of $23.5 million.



With the possibility of the addition of video lottery terminals (VLTs) at the New Jersey tracks in the future, those numbers could increase substantially. Because of that, George Zoffinger, the sports authority's chief executive office has promised that if control of the tracks is relinquished the agreement would include a provision to allow the state to maintain control of money from the VLTs.
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