We Are NY Horse Racing, a coalition of small businesses, labor unions, non-profits, and trade associations aligned to amplify the sport of horse racing’s importance to the New York State economy, today released an independent economic analysis finding that the project to modernize Belmont Park will produce billions of dollars in economic impact and generate thousands of jobs.
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 New York Racing Association, Inc. (NYRA) intends to construct a facility suitable to host thoroughbred racing on a year-round basis, which will provide the opportunity to consolidate all downstate racing and training activities at Belmont Park. This consolidation 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.
In addition, HR&A Advisors foun …
Belmont Modernization to Add Jobs, Impact Economy – BloodHorse.com
