Representatives of New York racing and business community reintroduce plan to rebuild Belmont Park

A lobbying coalition formed last year by New York racing constituents and upstate business interests will push hard next year for the passage of legislation that would provide nearly half a billion dollars in state-backed bonds for the renovation of Belmont Park, participants in the coalition said on Thursday during a press conference.

The coalition unsuccessfully lobbied for a similar bill last year. The bill gained some support in the legislature but ultimately wilted when criticism intensified over an entirely unrelated plan approved by the legislature to use hundreds of millions of dollars in taxpayer funds to build a new stadium for the Buffalo Bills.

The plan would require state backing for a $450 million bond issue. The New York Racing Association, which operates New York’s most prominent Thoroughbred tracks under a franchise with the state, has said that it will cost taxpayers nothing because the interest and principal will be paid back by revenue NYRA receives as its share of gambling proceeds from casinos at Aqueduct and on Long Island.

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Under the plan, Belmont would be razed and rebuilt and used as a nearly year-round racing and training facility, while Saratoga would continue to run its popular summer meet. The state would then take responsibility for a decision on whether to redevelop Aqueduct, which, officials contended, could raise a substantial sum for New York.

Jeffrey Cannizzo, the senior director of government affairs for NYRA, said at the press conference that the sale of Aqueduct would provide a net win for the state by “unlocking a billion dollars of real estate” at Aqueduct, which is near Kennedy Airport and located on a subway line connected to the city. In addition, “right-sizing” Belmont would benefit the racing industry, Cannizzo said.

“We need a facility that can accommodate today’s amenities for a modern arena,” Cannizzo said, citing the offerings available at a new hockey arena located on Belmont’s property. “We want to attract next-generation fans to horse racing.”

NYRA’s franchise to operate the three tracks runs through 2033. Earlier this year, New York legislators passed a bill guaranteeing that the gambling revenue NYRA receives from casinos would not fall below a baseline established by the revenue received in 2019, indexed to the national consumer price index. NYRA officials contend that the legislation guarantees that it can make the bond payments.

Members of the coalition include NYRA, the New York Thoroughbred Horsemen’s Association, the New York Thoroughbred Breeders Inc., the Business Council of New York State, and the Saratoga County Chamber of Commerce. Saratoga businesses rely heavily on the revenue generated during the seven-week Saratoga meet.

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