NYRA Awaits Borrowing Plan Decision

This month, New York State lawmakers are set to give a decision on the New York Racing Association’s request for a major borrowing plan for its Belmont Park racetrack. The renovation project would create jobs and bring economic benefits, and a financial lifeline for the industry. It was also backed by dozens of people this week who gathered at Albany to show support.

Presented back in 2022, NYRA’s US$455 million capital construction package for Belmont Park was also included by New York Gov. Kathy Hochul in her 2023 budget plan. Currently, the plan is under review by local lawmakers. Despite its benefits, opponents of the plan said that the money could be used elsewhere, such as in education and health care.

Monday’s Rally

On Monday, March 13, 2023, supporters of the cause from different sectors, such as breeders, horsemen, jockeys, unions and backstretch workers gathered to show their backing for the plan. Sen. Joseph Addabbo, who is chair of the Senate racing, gaming, and wagering committee said that people who care about horses are in favour of the project and that the time to proceed was now.

The group of supporters consisted of representatives of the New York Thoroughbred Horsemen’s Association, New York Thoroughbred Breeders, horse farm owners, jockeys, and lawmakers from upstate and downstate. Assemblywoman Carrie Woerner, who is a Saratoga Springs Democrat commented the renovation of the track is important for the state-wide industry and even the breeding farms.

Plans for the renovation include the state issuing a capital loan to initially finance the project, which would require up to three years. The borrowing initiative was also backed by equine coalitions in November 2021, and when completed NYRA would use a portion of the revenue to pay back the state at least US$25.8 million annually until the loan is paid back in full.

This week’s rally was planned to mirror the release by Democrats who run the Assembly and Senate for their own spending plan. These plans could potentially approve the renovation plan with some alterations or reject it. However, the one-house fiscal plans do not have a final say on the matter but are an indicator of the majority of lawmakers’ stand on it.

Monday’s events were live-streamed on Twitter by We Are NY Horse Racing, a group led by NYRA, which also supports the plan. The Twitter live feed saw plenty of support, but there were also some who did not approve of it. Meanwhile, Sen. Leroy Comrie, a Queens Democrat reminded that the borrowing plan is a loan and not a giveaway to NYRA.

Schedule Revealed

This month, NYRA also delivered its full stakes calendar for the 155th meet at the historic Saratoga Race Course. This year’s meet will be highlighted by Whitney on August 5, 2023, and the 154th Travers on August 26, 2023. In total, its iconic track will contest 71 world-class stakes events which will feature over US$20.8 million in purse money.

Source: “Make-or-Break Moment for Belmont Park” BloodHorse, March 13, 2023