Lawmakers OK $455M loan for a new Belmont Park

New York State lawmakers have approved a $455 million loan to fund a new Belmont Park in Elmont, which sits on the border of Nassau and Queens counties.

Gov. Kathy Hochul, Senate Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie authorized the construction of a new Belmont Park in the final state budget late Monday.

With that funding, the New York Racing Association can move forward with plans to modernize Belmont, including a renovated racetrack and new grandstand and clubhouse.

A coalition of supporters that goes by the name of We Are NY Horse Racing says the construction would create $1 billion in construction-related economic activity, generating 3,700 construction-related jobs. The coalition comprises small businesses, labor unions, non-profits, and trade associations.

Upon completion, the renovated park is expected to fuel $155 million in annual economic activity and generate 740 new full-time jobs.  Supporters say it would also foster a strong future for the sport of horse racing, which sustains 19,000 jobs across New York State and generates $3 billion in statewide economic activity each year.

With a new Belmont, NYRA would be able to consolidated downstate thoroughbred racing and free up 110 acres of state-owned land at Aqueduct Racetrack.

Members of the coalition offered insights into what a new Belmont would mean to the economy.

“Horse racing has long been an anchor for small businesses in New York State and a critical part of our cultural heritage,” Heather Briccetti Mulligan, president and CEO of The Business Council of New York State, said in a statement. “By approving a brand-new Belmont, Gov. Hochul and lawmakers are investing in New York’s economy — and I thank them on behalf of the hundreds of businesses from every region that will benefit from a new Belmont and the millions of fans like myself who will enjoy this new venue.”

“A 21st century, state of the art Belmont Park will revitalize an iconic destination and give Long Islanders the world class facility they deserve,” Matt Cohen, president and CEO of the Long Island Association said in a statement. “With this substantial state investment in the racetrack, we look forward to partnering with NYRA to consolidate all of the downstate racing at Belmont and realize its untapped potential to spur economic growth not only on Long Island but the entire region.”

“Each summer, Saratoga County sees an economic surge from the Saratoga Summer Meet — but we know that success is only sustainable if there is a strong horse racing ecosystem upstate and downstate,” Todd Shimkus, president of the Saratoga County Chamber of Commerce, said in a statement. “That means building a new Belmont is not only important for communities on Long Island, but is critical upstate, too. In Saratoga, NYRA has shown they can get large projects done on time, on budget, and in partnership with the local community, and I look forward to seeing that happen on Long Island as well.”

“Building a new Belmont will be one of the largest construction projects on Long Island in generations — and its impacts will mean massive benefits for hardworking New Yorkers,” Anthony Villa, business manager and president of the North Atlantic States Regional Council of Carpenters Local 290, said in a statement. “Modernizing Belmont will create thousands of new, good-paying jobs for our brothers and sisters in the building and construction trades and protect hundreds of solid union jobs at NYRA.”

“Today is a great day for Queens, for Long Island, and for the entire state,” Tom Grech, president and CEO of the Queens Chamber of Commerce, said in a statement. “From attracting new businesses to building the housing our communities need, the possibilities for what Queens can do with this state-owned land are nearly endless.”

“Horse racing in New York is an interconnected ecosystem that sustains hundreds of breeding farms and countless hardworking men and women throughout the state,” Najja Thompson, executive director of the New York Thoroughbred Breeders said in a statement. “The new Belmont Park will ensure that high quality, year-round racing continues to create good jobs and generate far reaching economic impact for decades to come.”

“Thoroughbred owners and trainers throughout New York State fully appreciate the importance of a new and modernized Belmont Park to the future of New York racing,” Joe Appelbaum, president of the New York Thoroughbred Horseman’s Association, said in a statement. “This project is a monumental step forward for the sport, and we look forward to working with NYRA to ensure continuity of operations during this period of transition.”

Not everyone supports funding for a new Belmont Park. Critics in the past have included People for the Ethical Treatment of Animals to the Alliance for Quality Education. They feel funding would be better suited for education and social programs.

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