General Manager Howard Bruno gave little detail in a release on the track's website.
"Unfortunately, the operations of the racetrack cannot continue under existing conditions, and we do not see a plausible way forward. We are incredibly thankful for our dedicated employees, horsemen and fan base for their support and patronage for so many years," Bruno said.
The track, which has been operating since 1853, had had some employees who have worked there for decades. The Harness Racing and Simulcast operations end on Dec. 28, and so do those employees jobs.
"Very very sad," one man said. "It's been open for so many years. It's historic and it's going to be gone."
The racing community was also upset to hear the news, as the racetrack has been a staple for many.
"This is my second home," said horse owner Maggie Romano. "I've been racing horses here for 30 years. We're gonna miss it. We're all trying to get something going."
Freehold Mayor Kevin Kane says the raceway is owned by two Pennsylvania gaming companies that have put their focus on investing in that state, making horseracing on those tracks more lucrative.
"So that anybody with a decent horse in this area would drive an hour, an hour and a half and they could race for three times the amount of money," Kane said.
Kane also noted the township will look at alternative plans for the site.
The remaining 2024 racing schedule will continue as slated and severance will be paid to employees.
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