New York Governor Kathy Hochul | Horse Racing Free Tips

Oral Arguments Oct. 11 In Lawsuit to Halt Belmont Renovation Loan

The Supreme Court of New York will hear oral arguments Oct. 11 in a case involving two self-described “citizen taxpayers” who want the state's $455 million loan to renovate Belmont Park declared as “an illegal and unconstitutional expenditure, misappropriation, misapplication, or disbursement of State funds.”

During the oral arguments, the court will consider both the plaintiffs' motion for a preliminary injunction and a motion to dismiss the case made by the defendants, who are the New York Racing Association (NYRA), the State of New York, the New York State Assembly, the New York State Senate, Governor Kathy Hochul, state comptroller Thomas P. DiNapoli.

The plaintiffs, Jannette Patterson and John Di Leonardo, initiated the lawsuit on June 22 to try to halt the flow of any state money for the project.

A NYRA court filing on Aug. 18 stated that the claim “fails as a matter of law” and that the plaintiffs “cannot establish irreparable harm.”

The Belmont renovation loan was approved in May when the final New York state budget for fiscal year 2024 included the funding.

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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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NY Gov. Hochul Includes Belmont Renovation in Budget Proposal

New York State Governor Kathy Hochul has officially announced support for a plan by the New York Racing Association, Inc. (NYRA) to modernize the racing facilities at Belmont Park. The plan has been included as part of the Fiscal Year 2024 Executive Budget Proposal.

“Horse racing in New York State has a champion in Governor Kathy Hochul, who clearly recognizes the important role the sport plays within the New York economy,” said NYRA President and CEO David O'Rourke. “Belmont Park stands at the center of the statewide racing ecosystem, and the project to re-imagine the facility will create jobs, drive tourism to the region, and secure the future of Thoroughbred racing across the state. The time is right to build a new Belmont Park for the benefit of New York State and we look forward to working with our legislative partners to ensure the Governor's proposal is enacted.”

The proposal includes a $455-million, multi-year project with a modern grandstand which includes hospitality offerings and amenities. NYRA is also committed to updating facilities for the backstretch community, including the construction of new housing, as well as utilizing Belmont's 45-acre infield for a variety of community uses.

The project to build a new Belmont Park is expected to generate $1 billion in construction-related economic activity, create 3,700 construction jobs, sustain $155 million in new annual economic impact, and support 740 new full-time jobs.

Belmont Park was last renovated in 1968.

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Zaro Named to NYRA Board of Directors

New York Governor Kathy Hochul has appointed Jerry Zaro to the New York Racing Association, Inc. (NYRA) Board of Directors, the organization announced Wednesday. This appointment fills the vacancy created by the retirement of Michael J. Del Giudice and is effective immediately.

Zaro, an active breeder and Thoroughbred owner, has campaigned such horses as three-time stakes winner Blindwillie McTell (Posse) and Grade I placed Baby Yoda (Prospective), who recorded the fastest Beyer Speed Figure [114] at all NYRA tracks in 2021.

A resident of Harrison, New York, Zaro is Chair of the Banking and Real Estate Services Department at Sills Cummis & Gross, a full-service corporate law firm with offices in New York and New Jersey. He is actively involved in the real estate industry and develops, owns, operates, and manages industrial, office and residential properties in multiple states.

“Horse racing is an engine of economic opportunity for New York State, and I thank Governor Hochul for the opportunity to join the distinguished NYRA Board of Directors and contribute to the sport I love,” said Zaro. “NYRA is the premier racing circuit in the country because this board and the management team have embraced change and prioritized integrity and safety. The future of New York racing is bright.”

Also Wednesday, NYRA announced the departure of Joseph Spinelli from its Board of Directors.

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