Bills introduced to fund reconstruction of Belmont Park
Legislators in New York have introduced bills in the Senate and General Assembly that would authorize the issuance of state-backed bonds that would allow the New York Racing Association to fund the complete reconstruction of Belmont Park on Long Island.
The bills have been introduced roughly four weeks before the state legislature is expected to adjourn in early June, and it is unclear if the bills will garner enough support over that timeframe to pass. Officials for NYRA have been lobbying for the authorization over the past year in order to begin the final planning stages for a $450 million project to tear down and rebuild Belmont Park and its its frontside racing surfaces.
Earlier this year, the legislature approved a budget that guaranteed payments from the state’s casinos to NYRA for the indefinite future. NYRA officials have stressed that the association will make all of the interest and principal payments on the bond issue using the casino payments, but broad support for the bond issue has become politically fractious due to the legislature’s authorization this year of $850 million in taxpayer funding for a new stadium for the Buffalo Bills.
Belmont Park, which is located on land owned by the state, has been significantly impacted over the past several years by the construction and completion of a new arena on the property for the New York Islanders, a hockey team. NYRA officials have said that Belmont Park needs to be remade to reflect those impacts, along with widespread changes in expectations among the populace for sports and entertainment facilities.
“For Thoroughbred racing, a reimagined Belmont would be the most consequential and significant new development the sport has seen in recent history,” said Pat McKenna, a spokesman for NYRA, in a prepared statement. “It would result in a facility capable of hosting year-round racing and pave the way for the return of the Breeders’ Cup World Championships to New York, among other advantages. NYRA envisions a new grandstand that will honor the history and traditions of this historic property while offering fans the kind of modern amenities and differentiated experiences they have come to expect from stadiums and venues.”