The current Monmouth Park structure dates back to 1946.
During the 1940's, Amory L. Haskell played a major part in lobbying to legalize pari-mutuel wagering for both the Standardbred and Thoroughbred industries.
On June 19, 1946, for the third time and after a 53-year hiatus, Monmouth Park reopened its doors. Under the new leadership of Haskell, Philip H. Iselin, Reeve Schley, Joseph M. Roebling, Townsend B. Martin, John MacDonald and James Cox Brady, the Monmouth Park Jockey Club was born.
Iselin became chairman of the construction committee and was named treasurer of the Monmouth Park Jockey Club. In later years, after the death of Haskell, he would take over as president of the track.
Opening day attracted 18,724 in attendance, and Monmouth Park returned to a level of glory and prestige that had only been a memory. The first horse on the grounds was Ship Ahoy, who arrived from Mexico for owner Mrs. L. V. Bellew of Chicago.
Jockey Nick Jemas won two that day including the opener aboard Blind Path. Modern day stakes races, including the Molly Pitcher Handicap and the Lamplighter, held their inaugural running in 1946, with the Monmouth Oaks and Colleen Stakes continuing their popularity from the 1800's.
The New Jersey Sports and Exposition Authority purchased Monmouth Park in 1986 and many of the historic, century-old stakes races were reinstated, with the Monmouth Cup, inaugurated in 1884, renamed the Philip H. Iselin Handicap.