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Belmont Park received approval for a $455 million loan to build an entirely new park.
The approval was a part of the New York State’s FY 2024 budget, which the New York State Senate and Assembly permitted on May 2. With state approval secured, the New York Racing Association (NYRA) can build new Thoroughbred racing facilities at Belmont Park.
As announced by the NYRA, the association’s president and CEO David O’Rourke said:
“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.”
Belmont Park is the home of the Belmont Stakes, the third and final jewel of horse racing’s Triple Crown. NYRA said the racetrack was last renovated in 1968.
NYRA gets approval to construct new Belmont Park
At no cost to taxpayers, NYRA can now start planning the most significant racetrack construction projects. The project’s centerpiece will be a new building that should completely replace the existing grandstand and clubhouse.
In particular, NYRA plans to replace the existing 1.25 million-square-foot structure with a 275,000-square-foot facility. The new amenities and offerings will align with other major sports and entertainment venues.
The Belmont transformation will increase the parkland available to fans by expanding the racetrack’s current backyard. Other updates include modernizing backstretch housing and barn area facilities throughout the property.
The NYRA will begin constructing a new dormitory to support the backstretch community living and working at Belmont in the fall of 2023.
According to NYRA, Belmont’s last renovation was in 1968.
Belmont grandstand to create thousands of jobs and drive tourism
O’Rourke said the new Belmont grandstand will secure the future of Thoroughbred horse racing in New York State. The new project will also “create thousands of good jobs and drive tourism to Long Island and the region for decades to come.”
According to HR&A Advisors’ analysis, the Belmont Park project will generate $1 billion in construction-related economic impact. It will also create 3,700 construction-related jobs.
Once completed, the project would bring additional racing and non-racing activities to the new Belmont Park, including:
- $155 million in annual economic output
- 740 new full-time jobs
- $10 million in new state and local tax revenue per year
O’Rourke added in an NYRA news post:
“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.”
