economic study | Horse Racing Free Tips

Horse Racing in New York Brings $3 Billion to the NYS Economy

Horse racing in New York registered a $3-billion impact on the Empire State's economy and an employment impact of 19,785 in 2023, per results released from the American Horse Council's 2023 Economic Impact Study.

“It's impressive to see how much of an economic engine horse racing is in the state of New York,” said NYTHA President Tina Marie Bond. “Together with a total economic impact of $3 billion statewide, racing has added over 2,000 direct jobs in the past five years. Racing supports land preservation and green space across the state, and is a significant driver of tourism both in the Capital Region and on Long Island. With the Belmont Stakes Festival at Saratoga for 2024 and 2025, as well as a redeveloped Belmont Park on the horizon, racing will continue to boost local economies and provide jobs for years to come.”

“The findings from the American Horse Council's economic impact study for New York report that the breeding and racing industry is an invaluable asset to our state,” said NYTB President Dr. Scott Ahlschwede, D.V.M. “Our state-bred program has positioned itself as the leading regional program in the nation, and we look forward to continuing to work with our fellow stakeholders to ensure that the additional investment in breeding and racing in New York will result in added revenue for all areas across the state.”

The post Horse Racing in New York Brings $3 Billion to the NYS Economy appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

Equine Economic Study Finds Diverse Sectors And Employment Positively Impacted Since 2017

With increases since 2017 in both the total value impacted and equine-related employment, the 2023 findings of the Equine Economic Impact Survey by the American Horse Council (AHC) reflect the positive contributions of the equine industry on the U.S. economy, the organization said via a release Wednesday.

The survey offers a comprehensive overview of the economic impact and trends within the sector and highlights how the industry reaches far beyond the pastures and ranch land across the country.

Highlights include:

Diverse Economic Sectors Impacted: $177 billion. That's the total value added in 2023 from the equine industry, up from $122 billion in 2017. The equine industry's ripple effect extends beyond the traditional sectors, influencing a broad spectrum of industries. From agriculture and tourism to veterinary services and technology, the survey showcases the interconnectedness of the equine world with other economic realms.
Employment Boost: The survey reveals a substantial impact on employment with 2.2 million jobs linked both directly and indirectly to the equine sector. Not only are breeders, trainers, veterinarians and farriers represented, but so are truck drivers, nutritionists, chemists, police officers and journalists.
Slight Downshift in Population: While there is a slight downshift in the total population of horses from 2023 (6.6 million) compared to 2017 (7.2 million), that's only a slight consideration when compared to the growing numbers in jobs and expenditures.

“The Economic Impact Study is the most effective tool in our advocacy quiver,” says Julie Broadway, president of the AHC. “When the industry needs to take aim at an issue, this data is invaluable in helping us paint the picture of the contributions the industry makes and the breath & depth of its composition.”

Click here to purchase a copy of the study.

The post Equine Economic Study Finds Diverse Sectors And Employment Positively Impacted Since 2017 appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

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.

The post New Study Finds Saratoga Generates $371M in Economic Activity appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post