Belmont Park as Winterized facility

Article posted by Coliseum, May 10^th, 2023

Image: Belmont Park, nakashi, CC BY-SA 2.0

The Belmont Park in Elmont, New York (US) redevelopment plan is a go.

‘LIHERALD.COM’ stated that the Governor of New York, Kathy Hochul, and other New York State lawmakers approved of a $455 million loan which will aid in the complete modernization of the 118-year-old horse racing facility in Elmont.

The 100,000-capacity Belmont Park is a major thoroughbred horse racing facility in the Northeastern United States, located in Elmont, New York, just East of the New York City limits. It was opened on May 4^th, 1905. It is operated by the non-profit New York Racing Association.

The New York Racing Association, Inc. is the not-for-profit corporation that operates the three largest Thoroughbred horse racing tracks in the State of New York, United States: The 40,000-capacity Aqueduct Racetrack in South Ozone Park, Queens, the Belmont Park in Elmont and the 90,000+-capacity Saratoga Race Course in Saratoga Springs.

‘LIHERALD.COM’ further stated that the New York Racing Association plans to demolish Belmont Park, on Hempstead Turnpike, rebuild it from scratch and transform the racetrack into a Winterized facility complete with a new clubhouse and grandstand – all at no cost to the taxpayers. The group plans to borrow the money from the State and pay it off over the span of 20 years through State-backed bonds.

Jack Sterne, a representative of We Are NY Horse Racing, previously stated that the horse racing industry has had a $3 billion impact on New York’s economy.

The sport itself has created 19,000 State jobs and the redevelopment project would create roughly $1 billion of economic activity during the rebuilding process and roughly 3,700 construction jobs.

After the facility is built, it would fetch $155 million of economic activity annually and sustain 740 new full-time jobs, Sterne said.

Home of the Belmont Stakes – the final jewel of horse racing’s Triple Crown – the Belmont Park has been at the center of some of the most exciting moments in sports history, including the Secretariat’s riveting Triple Crown in 1973. This year marks the 50^th anniversary of that triumphant victory.

A revamped Belmont Park could potentially make its own history with the possibility of luring the Breeders’ Cup back to New York, officials said. Known to fans as the Super Bowl of horse racing, the last time the event was hosted at Belmont Park was in 2005 and has not returned due to the venue’s aging infrastructure.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at www.coliseum-online.com/alliance and make use of the 365Coliseum Business.