The New York State Racing Association has secured a $455 million loan from the state to renovate Belmont Park, the horse racing venue known for hosting the Belmont Stakes.
NYRA plans to add modern amenities, including sports betting features, to Belmont Park and completely replace the existing grandstand and clubhouse. The existing Belmont Park is 1.25 million square feet, but NYRA’s project will consolidate the facility to roughly 275,000 square feet.
Belmont Park was last renovated in 1968. The renovations on Long Island could be completed by 2026, according to News 12.
NYRA says an economic analysis from HR&A Advisors found that the Belmont Park renovations will create 370 million construction-related jobs and generate $155 million in annual economic output. It is also expected to produce $10 million in new state and local tax revenue annually.
The Breeders Cup has not been held at Belmont Park since 2005, but the new renovations “will guarantee” the return of the race to Belmont, according to NYRA. Last year’s Breeders Cup in Kentucky drew a wagering handle of $189 million and a total economic impact of $82 million.
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