Tag: UBS Arena

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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’23 Legislative Push Is On for New $455M Belmont Park

The 2023 push to secure bond funding for a new Belmont Park officially kicked off on a gray, chilly November morning with a press conference at the out-of-session New York State Capitol in Albany on Thursday. The unveiling of the legislative agenda for next year was hosted by the “We Are NY Horse Racing” coalition of small businesses, labor unions, non-profits, and trade associations.

While the scope of the years-in-the-planning project was largely framed in general terms as being able to bring state-wide economic benefits at no cost to taxpayers, several details did emerge about the ongoing attempt to modernize Belmont while closing Aqueduct Racetrack so that all downstate Thoroughbred racing eventually gets consolidated at one facility that is more functional and aesthetically pleasing than the other two outdated tracks.

The first bit of news is that the cost of the Belmont overhaul has risen slightly since a similar bond bill failed to gain support in the state legislature when the 2022 session expired in June.

Jeffrey Cannizzo, the senior director of government affairs at the New York Racing Association (NYRA), said a new Belmont would require “roughly $455 million” in state-backed bonds.

That's up 1.1% from the $450 million NYRA had sought via the bill earlier this year. But considering that inflation in the United States has rocketed upward at a 7.7% rate over the past year, that cost revision seems marginal.

“Belmont Park would be taken down, starting from scratch. So we're talking a completely new grandstand and clubhouse, right sized for a modern-age racecourse,” Cannizzo said.

Cannizzo also explained that “the clubhouse will be the last part of these efforts” and that the new, streamlined version of the facility would fit within a “similar footprint.”

Alluding to the work that's already being undertaken to build infield tunnels and possibly add a synthetic racing surface inside Belmont's cavernous infield, Cannizzo described the project as being built from the “inside out” if the state grants NYRA the bonds, which would then be paid back by NYRA through its share of video lottery terminal (VLT) revenue.

“Here's the vision: No taxpayer dollars are on the line. A state asset dramatically improves, and a world-class venue side by side with UBS arena,” Cannizzo said, referencing the recently-opened neighboring home of the National Hockey League's New York Islanders that, like the track, sits atop state-owned land.

“The VLT revenue comes that directly to NYRA, it's specifically earmarked for capital projects just like this,” Cannizzo said.

But because that revenue doesn't flow to NYRA in one huge $455-million chunk, It needs help from the state in fronting the money. The bonds would also likely offer a more attractive, lower rate than if NYRA sought a loan elsewhere.

The press conference was geared to a non-racing audience, and by having representatives speak from the Business Council of New York State and the Saratoga County Chamber of Commerce, it was clear that a primary goal of We Are NY Horse Racing is to get across the message that a rebuilt Belmont will generate trickle-down benefits extending far beyond just the Thoroughbred industry and the local economy on Long Island.

Najja Thompson, the executive director of the New York Thoroughbred Breeders, Inc., warned that, “Without a strong horse racing ecosystem in New York, breeders can decide to move across state lines.”

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