NY Approves Plans for US$455M Renovation of Belmont Park

New York officials have provided some exciting news for the local horse racing industry, as on Monday, lawmakers approved a measure for the US$455 loan for the renovation of Belmont Park. But Gov. Kathy Hochul says there is a condition for her signing the loan. She wants the New York Racing Association, which owns the track, to meet certain criteria for union jobs.

NYRA has been pushing for the loan for several years now, and it might have just secured it. Its plan for the renovation of Belmont Park will use the money to level the current grandstand and replace it with a new state-of-the-art venue. The new one will be significantly smaller and will be around one-fifth of the size of the current grandstand.

Securing Long-Term Success

New York Racing Association’s Chief Executive David O’Rourke said that the transformation of the renowned track will secure the long-term future of thoroughbred racing in the Empire State. He noted that it will create thousands of new and stable jobs, while also driving tourism to Long Island and the surrounding area for the years to come.

NYRA’s proposed renovation plan would include modern amenities and hospitality offerings. For its busiest weekend of the calendar – the Belmont Stakes which is held in June, will have a larger infield connected via underground pedestrian tunnels which will allow more attendees. The new grandstand and clubhouses will be next to the UBS Arena, which is the home of the New York Islanders.

Once the renovations are completed, NYRA will focus on Belmont Park and plans on suspending racing at its Aqueduct Racetrack, which is one of its other two tracks in the state. The moving of focus to the track will free up the parcel for Resorts World New York City, which is currently a racino, but it could be expanded into a full-scale casino in the near future.

NYRA representatives believe the new grandstand will be the right size and will be complemented by a modern clubhouse. It is projected that the renovation will generate a US$1 billion local economic benefit, as well as bring 3,700 construction jobs, and 740 full-time ones. According to the organization, it should be completed in around three years.

The renovation plan was also supported by We Are NY Horse Racing which is a coalition of representatives of the horse racing industry including NYRA and many more. In addition to that, the Business Council of New York State has also voiced its support for the project. The two believe that the overhaul of the track will provide obvious economic benefits for the industry.

Examining Effects of VLTs

In February 2023, the New York State Gaming Commission suggested reviewing the impact of its long-term video lottery terminal betting program on horse racing and breeding. Currently, approximately 17,000 VLT devices are scattered across 10 locations in the state, including Aqueduct Racetrack, Finger Lakes Racetrack, and six other harness racing facilities. The review will be done this year and should be also released sometime in 2023.