Tag: economic impact

Over 100 New Yorkers Rally In Support Of Belmont Modernization

Over 100 people, including union members, backstretch workers, trainers, veterinarians and farmers gathered Monday in Albany, New York, in support of a plan to modernize Belmont Park, which, according to a release, promises significant new job creation and as much as $1 billion in one-time ecomomic impacts while freeing up 110 acres of state-owned land at Aqueduct Racetrack for future development. The project was included in Governor Kathy Hochul's Executive Budget Proposal.

According to a release, Belmont Park's 117-year-old facilities have not been upgraded since 1968 and its modernization will provide a 'critical boost to New York's economy' while creating a world-class sports and hospitality destination when paired with the New York Islanders' UBS Arena adjacent to the track.

An independent economic analysis conducted earlier this year by the We Are NY Horse Racing coalition found that $1 billion would be generated by renovating Belmont Park and create 3,700 construction-related jobs. At least a third of that spending, $136 million, would be spent with Minority- and Women-Owned Business Enterprises (MWBES). Upon completion, the release says Belmont Park would support $155 million in annual economic output and 740 new jobs. It is also expected that the modernization will pave the way for the New York Racing Association to bid to host the Breeders' Cup. Belmont last hosted a Breeders' Cup in 2005.

The release indicates that horse racing in the state of New York supports a total of 19,000 and generates $3 billion in economic activity. The project is to be funded through a construction loan from the state–paid back in full with interest–and therefore there is no cost to the state's taxpayers.

“Horse racing is an economic engine for our state, sustaining 19,000 hardworking New Yorkers' jobs and generating billions in economic activity. If we want these benefits to continue, it's critical that we modernize Belmont Park,” said State Senator Joe Addabbo, Chair of the Senate Racing, Gaming, and Wagering Committee. “As we enter the final stretch of budget season, I will continue to work with my colleagues to move this project forward and secure a strong future for horse racing across the state.”

“From Saratoga to Belmont, the immense positive impact horse racing has on New York is obvious–and we owe it to the thousands of families that depend on this sport for their livelihoods to ensure horse racing has a strong future in the Empire State,” said Assembly member Gary Pretlow, Chair of the NYS Assembly Committee on Racing and Wagering. “Building a new Belmont Park will safeguard horse racing for generations to come, drive economic activity, boost the state's tourism and hospitality sectors, and create good jobs for New Yorkers.”

Added We Are NY Horse Racing Spokesman Jack Sterne, “The vast majority of New Yorkers support modernizing Belmont Park, which is why over a hundred people came to the Capitol today to urge lawmakers to build a new Belmont,” said Jack Sterne, We Are NY Horse Racing spokesman. “This project will create jobs and boost New York's economy — and as legislators head into the final stretch of budget negotiations, we're going to continue making our voices heard so this transformative project is included in the final state budget agreement.”

 

 

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We Are Horse Racing NY Releases Study on Economic Impact of Belmont Project

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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Economic Analysis: HHR To Help Grants Pass Downs Have $10.7 Billion Impact Over Next 30 Years

The highly anticipated gaming, entertainment and dining venue, The Flying Lark in Grants Pass, Ore., has released an economic impact study analyzing the horse racing industry in partnership with Grants Pass Downs. Independent agency Hunden Strategic Partners (HSP) identified a significant positive impact in job creation, tax and earnings impact to the local economy, as well as the opportunity to provide funding and stability to the equine industry throughout the region. 

The Economic Impact Analysis identified the positive impact to Southern Oregon over the next 30 years, including: 

  • $10.7 billion in net new spending 
  • $3.6 billion in net new earnings 
  • 2,007 net new full-time jobs 
  • $361.9 million in tax impact to Oregon 

HSP conducted market research and interviews with representatives from local, regional and national organizations to understand the horse racing industry and its impact through three primary components: Grants Pass Downs and the Flying Lark, fair meets, and horse-related spending. The study was designed to determine the economic impact of the horse racing industry in Oregon with the Flying Lark in operation and determine the value of the Flying Lark and Grants Pass Downs within the industry in Oregon. 

“The local community was surprised to learn of the significant economic impact the horse racing industry had in Oregon back in the 2012 economic impact study,” said Randy Evers, President of Grants Pass Downs. “While horse racing struggles to survive in other states, today the vision of leaders at both Grants Pass Downs and The Flying Lark will be a major factor for economic growth and stability, most importantly for Southern Oregon, but also the entire state.”

The study discloses the positive impact as industry-changing. The Flying Lark has the unique opportunity to create a legacy, putting Grants Pass and the Josephine County Fairgrounds on the map as a year-round destination. In collaboration with Grants Pass Downs, together they will help restore the horse racing industry, including horse owners, trainers, veterinarians, jockeys, and a wide range of partners, vendors, and suppliers across Oregon. There is a positive cycle of spending and impact between gaming and horse racing.  

Historic Horse Racing (HHR) revenues will supplement the industry, including:

  • Larger purses from pari-mutuel wagering, 
  • Boosted interest in the sport due to greater race quality, 
  • Rising visitation stemming from growing interest, 
  • Improved foal crops as horse ownership becomes more profitable, and
  • Overall positive trends within the industry. 

“The Flying Lark will have a substantial impact on Thoroughbred breeding in Oregon,” said Lynnelle Fox Smith, Executive Director for the Oregon Thoroughbred Owners and Breeders Association. “By knowing the purses will be sizable and the facility will be successful, breeders will continue investing in broodmares, stallions, and breeding to support Oregon's agriculture.” 

The Flying Lark was founded by Grants Pass Native, Travis Boersma, with a commitment to horse racing and Southern Oregon, opening in the winter of 2021.  The 35,000 square-foot destination has something for everyone; including Jacks, a full service family restaurant, Longshots sports bar, the Winner's Circle bar located in the center of the state-of-the-art historical horse racing (HHR) terminal floor, based on pari-mutuel wagering, and banquet facilities. 

Known for its beautiful natural scenery, parks, outdoor recreation, and wineries in Southern Oregon, The Flying Lark will also open The Wonder Walk. This world-class equine-based art walk will beautifully surround the facility and feature pieces by regional artists that celebrate horses' majestic nature, power and beauty. 

About The Flying Lark 

Proudly from Grants Pass, Oregon, The Flying Lark is Southern Oregon's premier  gaming and entertainment destination, including an inviting family culinary dining  experience and the inspiring Wonder Walk outdoor art display, featuring regional artists.  The Flying Lark, named after one of the most famous stallions in Oregon's history, was  designed for our customers, community and team members to celebrate the past, present and future, with the magic and beauty of horses. For more information and  regular updates, visit: TheFlyingLark.com 

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New Study Shows Virginia Horse Racing Industry Has $542.1 Million Economic Impact

“And they're off…”

When it comes to the horse racing industry in Virginia and the economic impact it is generating, that's an appropriate metaphor. According to a newly released study, the industry generated an estimated economic impact of $542.1 million in the Commonwealth in 2019.

“What we're finding is that jobs are coming back, horse racing related expenditures are up, and tax revenue to the state is increasing,” said John Hannum, Executive Director of the Virginia Equine Alliance. “These are all very positive signs that the racing industry is moving in the right direction and benefiting the Commonwealth's agribusiness and related businesses. Racing was at a low point in 2014 after the closure of Colonial Downs' racetrack. The General Assembly took a number of steps, most notably the passage of Historical Horse Racing machines in 2018, that provided the revenue to re-open the track and fund the revitalization of the industry. The study points to the enormous strides the industry has made since 2014.”

The study was commissioned by the Virginia Equine Alliance, the industry's organizational body that promotes the racing and breeding industry throughout the state. Chmura Economics and Analytics (Chmura), a research consulting firm in Richmond, VA, conducted the study.

Highlights of the new study include:

  • Overall economic impact for 2019 of $542.1 million.
  • Annual horse-related expenditures by Virginia horsemen estimated at $239.44 million in 2019.
  • Overall total in state tax revenue for 2019 estimated at $26.5 million.
  • Estimated total economic impact of horse racing events and visitor spending in Virginia was $68.7 million in 2019.
  • Jobs supported in 2019 by the horse racing and breeding industry estimated at more than 5,000.
  • The average amount spent by horsemen in Virginia to care for, train, and board a race horse is estimated at $14,663.

“The Commonwealth has a rich history of breeding and racing Thoroughbreds, from even before the days of Triple Crown-winning Secretariat from Caroline County and continuing to today. The industry is an important part of our agriculture economy, especially in rural parts of Virginia,” said Bettina Ring, Virginia Secretary of Agriculture and Forestry.  “A successful horse industry means that more farms remain economically viable, which in turn makes it easier to maintain and conserve productive farmland throughout the Commonwealth. I am pleased that the results of this study support that Virginia continues to be a place where the horse industry can thrive.”

Karen Godsey, owner of Eagle Point Farm, a 200-acre Thoroughbred training center in Ashland, VA has seen first-hand the benefit of the Thoroughbred industry coming back stronger in the last few years.

“Our industry has really seen a tremendous turnaround,” Godsey said. “I've been able to recruit and retain more workers, because I am able to pay them a higher per-hour rate than before. I've also had to rent out two additional farms for more horses.”

D.G. Van Clief, Chairman of the Virginia Racing Commission stated: “much of the industry's success over the last few years has been the result of the entire industry coming together and working for the shared goal of revitalizing racing. We are now in a position to grow the sport and add racing days. I am excited about the prospects for racing in the state.”

According to this study, the economic impact is likely an underestimation of the full potential impact in 2019. For example, Colonial Downs race track in New Kent, VA, was only open for nine months in 2019, versus a full 12 months. On the racing side, there were 18 race days, attracting 42,000 spectators. In future years, those racing days are expected to likely double, generating even more of an economic impact.

“We're eager to see how these numbers increase when life gets back to normal and we have a full year of activity at the venue,” Hannum said.

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