Supporters of Belmont Racetrack overhaul tout economic benefits as they seek state-backed borrowing power

ALBANY — A coalition of business groups and horse racing industry leaders pushing for a major overhaul of Belmont Park are touting a new analysis showing the project could be a job-generating boon to the local economy.

The analysis, conducted by HR&A Advisors on behalf of We Are NY Horse Racing, found the Nassau County project could potentially generate $155 million in annual economic output, support 740 full-time jobs, and produce $10 million in new state and local taxes per year.

The study comes as the New York Racing Association, which operates racetracks at Belmont, Aqueduct, and Saratoga is seeking access to $455 million in state-backed bonds to complete the project.

The money would be used to replace the 430-acre facility’s grandstand and clubhouse, which have not been renovated since 1968. Belmont Park is located in Elmont, along the border between Queens and Nassau County.

“The transformation of Belmont Park will create jobs, drive tourism and secure the future of thoroughbred horse racing in New York State,” said Dave O’Rourke, NYRA president and CEO. “As we approach the 50th anniversary of Secretariat’s remarkable Triple Crown triumph, we are reminded of the central role that Belmont has played in sports history. A new Belmont Park will build on that legacy and allow one of racing’s most important venues to shine again.”

The analysis also found that the modernization could have a $1 billion one-time construction-related economic impact and support 3,700 construction jobs.

Supporters argue the overhaul of the site, home of the third leg of the Triple Crown, the Belmont Stakes, is crucial to securing the future of horse racing in New York and could lead to the return of the Breeder’s Cup to the Empire State. The annual two-day championship has not been held in New York since 2005.

The new analysis has won support from a pair of local business groups, the Long Island Association and Long Island Builders Institute, both of which have joined the We Are NY Horse Racing coalition.

“This is a winning bet for Long Island and for the state,” Matthew Cohen, LIA president and CEO told the Daily News. “The economic impact is going to be enormous. This is a big deal to modernize Belmont ... it’s going to make it even more of a destination.

“It’s such a jewel in our state but it needs to modernized, it needs to be updated, like all things do after a certain amount of time,” he added.

Other members of the coalition include the Business Council of New York State and the Queens Chamber of Commerce.

Supporters are now hoping to convince Gov. Hochul and lawmakers to include NYRA’s borrowing plan in next year’s state budget. The proposal, which failed to gain traction during the last legislative session, would give the non-profit racing association access to low interest state-backed bonds and would not cost taxpayers any money, proponents argue.

NYRA officials have said that 100% of the money would be paid back over the next 30 years, backed by revenue from video lottery terminals dedicated to capital improvement funds.

Renovation to Belmont’s 1½-mile main track, known as “Big Sandy,” and its two turf courses are slated to begin next year and construction of tunnels providing access to the park’s infield is nearly finished.

The neighboring UBS Arena, home to the Islanders, opened last year.

The push is key to wider changes to New York’s racing industry that could see an end to racing at Aqueduct Racetrack in Queens and more events brought to Belmont.

A spokesman for the governor would not say whether she supports the plan or if it will be included in Hochul’s budget proposal next month.

”Gov. Hochul is committed to creating jobs and economic opportunity across the state, and she is looking forward to working with the legislature on these priorities in the upcoming legislative session,” spokesman Avi Small said.

Critics of horse racing have argued in recent years for an end to subsidies long enjoyed by the state’s thoroughbred industry, claiming the money would be better used for education, health care or social programs.