David O'Rourke | Horse Racing Free Tips

New Study Finds Saratoga Generates $371M in Economic Activity

The annual summer meet at Saratoga Race Course generates $371 million in economic activity and 2,937 jobs across the greater Capital Region, according to a new study by the Saratoga County Industrial Development Agency (SCIDA).

The report, which was released Monday during a news conference at the Saratoga Performing Arts Center (SPAC), concludes that the overall economic impact generated by the summer meet has increased by 57% since 2014 across the nine-county Capital Region.

The newly released study, based on data from 2021, finds that Saratoga Race Course is responsible for contributing $7.3 million of tax revenue to New York State, nearly $2.4 million of tax revenue to Saratoga County and nearly $2.1 million to Saratoga Springs. In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates, analyzed the impact of Saratoga's major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.

“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O'Rourke, NYRA president and CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high. NYRA looks forward to welcoming fans back to the Spa for what is sure to be a spectacular summer.”

The report focuses on the economic benefits within a nine-county region, including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

The study's findings show that Saratoga Race Course generated $371,067,040 in annual economic impact from three primary sources: Direct ($241,311,827); Indirect ($51,656,531) and Induced ($78,098,682). These categories account for spending on goods and services by visitors and racing participants, on-site jobs, and spending at businesses that supply goods and services to Saratoga Race Course.

To view the complete report, click here.

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Two Taxpayers Sue to Block $455m Loan to Rebuild Belmont

Two New York residents sued the state, its governing bodies, elected officials, and the New York Racing Association (NYRA) on Thursday in an attempt to block the recently announced $455-million loan to renovate Belmont Park.

“This case is about the State of New York's unconstitutional appropriation of taxpayer funds by loaning nearly half a billion dollars to NYRA, all while turning a blind eye to NYRA's past two decades of financial mismanagement, malfeasance and scandal, and, more importantly, ignoring the State's Constitutional prohibition against providing State monies–whether by loan or by grant–to private corporations like NYRA,” stated the June 22 complaint filed in the Supreme Court of the State of New York.

The plaintiffs, who each identify themselves in the filing as a “citizen taxpayer of the State of New York who has paid, and is paying, New York State income and sales taxes,” want a judgment declaring that the state's loan “would be an illegal and unconstitutional expenditure, misappropriation, misapplication, or disbursement of State funds.”

The plaintiffs are also demanding an order “enjoining the State of New York and the Office of the New York State Comptroller from disbursing funds to or in aid of NYRA, and enjoining NYRA from receiving any State funds.”

The complaint continued: “If some or all of the State's funds have already been disbursed to or in aid of NYRA, [plaintiffs want] an order requiring restitution to the State of those funds pursuant to State Finance Law.”

The plaintiffs are Jannette Patterson and John Di Leonardo. The defendants are the State of New York, the New York State Assembly, the New York State Senate, Governor Kathy Hochul, state comptroller Thomas P. DiNapoli, and NYRA.

“The constitutionality of the State's appropriation is a definite, concrete, and substantial legal controversy that requires judicial intervention,” the lawsuit stated.

“The construction of a new Belmont Park will create thousands of jobs, generate billions in economic activity and secure the future of thoroughbred racing in New York State. Governor Hochul and both houses of the legislature recognize the importance of this transformational project to both Long Island and New York State, and that's exactly why the project was included in the FY2024 budget,” said NYRA's Vice President of Communications, Patrick McKenna.

The lawsuit was announced by People for the Ethical Treatment of Animals, though it was unclear what their connection to the lawsuit was.

“Organizations like PETA are philosophically opposed to horse racing and make no secret of their desire to end the sport. New Yorkers reject PETA's extreme agenda by attending, watching and wagering on horse racing in record numbers. As we look forward to the modernization of Belmont Park, and the opening of the summer meet at historic Saratoga Race Course on July 13, this ridiculous lawsuit is a meritless attack on a sport that supports New York families in every corner of the state.”

When the 2024 state budget was approved and publicly announced May 1, it greenlighted a decades-in-the-making plan to construct a revamped Belmont Park that would serve as the year-round downstate home of New York racing. The current 1.25-million square-foot structure, last renovated in 1968, is to be replaced with a roughly 275,000 square-foot facility featuring modern amenities and hospitality offerings.

“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,” said NYRA's president and chief executive officer, David O'Rourke, at the time the loan was included in the budget.

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NYRA: If Necessary, We’d Prefer Belmont-at-Saratoga

With the construction of the new Belmont Park scheduled to begin after the spring 2024 meet, and plans for the 2025 event still uncertain, the New York Racing Association (NYRA) expressed their preference that a non-Belmont-Park Belmont Stakes be held at Saratoga rather than Aqueduct.

“Should the construction of a new Belmont Park require the Belmont Stakes to be run at a different venue, then NYRA's preference would absolutely be to hold the event at Saratoga Racecourse,” said NYRA's Director of Communications, Patrick McKenna, in a text to the TDN on Monday.

In an interview on this week's TDN Writers' Room podcast, NYRA CEO David O'Rourke said that plans call for the new Belmont to be finished before the 2026 Belmont, and early conversation with NYRA had centered on possibly holding the Belmont at Aqueduct in 2025 and even 2026 if necessary. Other options, like tents at Belmont, have also been discussed. “Right now, we're in the master planning stage,” said O'Rourke on the Writers' Room. “Ideally, we'd like to have the project completed for the 2026 Belmont. I'm saying that before we have gone deep into the planning and the staging, but that is our goal entering into the process.”

However, said McKenna, “A Belmont Stakes at Saratoga is an event that would capture the attention of the entire sports world while driving tourism and economic impact for upstate New York.”

The current Belmont was opened in 1968, and will be torn down and rebuilt courtesy of a $455-million loan from the state of New York.

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Belmont Park Construction Loan Part of Finalized NY Budget

The 2024 New York budget bills approved by Governor Kathy Hochul and the State Senate and Assembly and released to the public Monday includes authorization for the New York Racing Association to utilize a $455-million loan to build new Thoroughbred racing facilities at Belmont Park. With the state approval, NYRA plans construction of a new building that will completely replace the existing grandstand and clubhouse. The current 1.25-million sq foot structure, which was last renovated in 1968, will be replaced with a roughly 275,000-sq ft facility featuring modern amenities and hospitality offerings.

“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,” said NYRA President & CEO David O'Rourke. “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.”

The new Belmont grandstand will dramatically increase the amount of parkland available to fans throughout the year by expanding the current Belmont backyard, while new vehicular and pedestrian tunnels will allow access to the 45-acre Belmont infield for the first time. NYRA expects to also expand its ongoing campaign to modernize backstretch housing and barn area facilities throughout the property.

“NYRA is committed to building a world-class venue that honors the history and traditions of this iconic property within a modernized overall facility,” added O'Rourke. “We will deliver a revitalized Belmont Park that will reclaim its place as a global capital of Thoroughbred horse racing.”

According to an analysis performed by HR&A Advisors, the multi-year project to build a new Belmont Park will generate $1 billion in construction-related economic impact and create 3,700 construction-related jobs. Upon completion of the project, additional 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 tax revenue per year.

The addition of a winterized building, paired with new racing surfaces and a synthetic track will result in a facility suitable to host Thoroughbred racing on a year-round basis. When completed, the redevelopment will allow for the 110 acres of state-owned land now occupied by Aqueduct Racetrack to be redeveloped. The Aqueduct parcel was recently appraised at a value of $1 billion.

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