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After Skip Away was soundly defeated as a four-year-old by Formal Gold in the Philip H. Iselin Breeders' Cup Handicap at Monmouth Park and in the Woodward Stakes at Belmont Park, he was given a new rider, Jerry Bailey, who replaced Shane Sellers.
In 1946, the New Jersey Legislature passed a bill providing for state regulation of horse racing and the new Monmouth Park Racetrack opened that year with the Colleen Stakes as part of its regular racing schedule.
A member of The Jockey Club, Iselin and Amory L. Haskell headed a group of investors who founded the Monmouth Park Jockey Club in 1944 to build a new Thoroughbred horse racing facility in Oceanport, New Jersey.