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.