The project to modernize Belmont Park will produce billions of dollars in economic impact and generate thousands of jobs, according to an independent economic study released by We Are NY Horse Racing Wednesday.
According to the rigorous analysis completed by HR&A Advisors, a leading economic development and real estate consulting firm, the multi-year project to build a new Belmont Park will generate $1 billion in one-time construction-related economic impact while supporting 3,700 construction jobs. Upon completion, racing and non-racing activities at the new Belmont Park will generate $155 million in annual economic output, support 740 new full-time jobs, and produce $10 million in new state and local taxes per year.
The consolidation of racing to Belmont would unlock 110 acres of land at Aqueduct Racetrack, allowing New York State to pursue development opportunities for the parcel of land adjacent to JFK Airport. Owned by New York State and leased by NYRA, the land was recently appraised at a value of $1 billion.
“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 & 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. Thanks to the work of this coalition, and the broad support of New Yorkers, we are closer than ever to achieving this vision.”
To view the executive summary of the analysis performed by HR&A Advisors, click here.
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