The New York Racing Association (NYRA) has received unanimous approval from the New York State Senate and Assembly to embark on a transformative venture at Belmont Park, unveiling plans to construct a state-of-the-art thoroughbred racing development.
The Ambitious Project:
The recently approved FY 2024 budget for New York State encompasses a provision that authorizes the NYRA to secure a $455 million loan to embark on a comprehensive renovation of the historic racetrack. This renovation will entail replacing the existing grandstand and clubhouse, which have remained largely unchanged since their last renovation in 1968.
Anticipated Economic Impact:
The project, estimated to generate a staggering $1 billion in construction-related economic impact, is poised to become a catalyst for local job creation. It is expected to provide employment for approximately 3,700 individuals in construction-related roles, invigorating the local labor market.
Acknowledgments and Appreciations:
The NYRA expressed its appreciation for Senator Joe Addabbo and Assemblyman Gary Pretlow, both pivotal in advancing this ambitious venture. They currently serve as the chairs of the Senate and Assembly Committees on Racing, Wagering, and Gaming, playing a crucial role in garnering the necessary support for the project.
Quotes from NYRA CEO David O’Rourke:
NYRA’s President and CEO, David O’Rourke, underscored the importance of this transformation: “The transformation of Belmont Park will secure the future of thoroughbred racing in New York State, create thousands of good jobs and drive tourism to Long Island and the region for decades to come. We thank Gov. Hochul and our legislative leaders for recognizing the importance of this project to the countless New York families and small businesses reliant on a strong horse racing economy. NYRA is committed to building a world-class venue that honors the history and traditions of this iconic property within a modernized overall facility. We will deliver a revitalized Belmont Park that will reclaim its place as a global capital of thoroughbred horse racing.”
The approval of the $455 million project to renovate Belmont Park marks an exciting chapter for New York’s horse racing industry. With a nod to the rich history and traditions of the site, the NYRA envisions a future where Belmont Park stands as a symbol of modernized excellence, benefiting the local community, and racing enthusiasts alike.