Supporters of state loan to redevelop Belmont Park rally at Capitol
Horsemen, backstretch workers, business leaders, organized labor, and about a dozen or so members of the New York state legislature attended a 30-minute rally Monday at the State Capitol in Albany to support a budget proposal to grant the New York Racing Association a $455 million loan to redevelop Belmont Park.
Supporters are hoping the proposal is included in Gov. Kathy Hochul’s budget, which is due to be passed by April 1. Hochul has previously announced her support for the plan, which would create thousands of new jobs and ideally stimulate economic activity in Elmont and surrounding areas.
The loan, which would be paid back by NYRA over 20-plus years from proceeds it receives from VLT revenue, would go to renovating Belmont’s dirt main track and two turf courses and perhaps adding a synthetic surface. It also would go toward replacing the current grandstand with a smaller, more modern one. Belmont would also open the infield for fans.
The end goal would be to move all downstate racing to Belmont and allow the state to find a way to best monetize the property in Queens on which Aqueduct sits.
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