M E M O R A N D U M

To: Interested Parties

From: We Are NY Horse Racing Coalition

Date: December 22, 2022

RE: Momentum Building for Belmont Modernization in the NYS Budget
 

With the state budget season just weeks away, the Belmont modernization project is emerging as a top economic development priority in Albany and across the Empire State. After securing introduction of legislation to authorize state-backed bonds for the project last session, the We Are NY Horse Racing coalition has spent the fall and winter of 2022 building momentum for a new Belmont Park and expects movement in Albany early next year.
 

“In just a few short months, we’ve shown that modernizing Belmont Park is both incredibly popular and would energize New York State’s economy — which is why it’s on track to be a top budget priority in Albany this session,” said Jack Sterne, We Are NY Horse Racing spokesman. “This transformative project enjoys supermajority support from New Yorkers statewide because voters understand it would create jobs for New Yorkers, drive tourism for decades to come, and strengthen the sport of horse racing upstate and down. We’ve built tremendous momentum so far, and as we round the corner into budget season, we are confident this project will be first out the gate in Albany.”
 

In December, We Are NY Horse Racing released a public opinion poll which found supermajority support (68%) across the state for modernizing Belmont Park. On Long Island, the project received a shocking 75% support. Voters also have overwhelmingly positive views of horse racing itself, supporting the sport by a 3-to-1 margin. A month later, the Breeders’ Cup World Championship — thoroughbred horse racing’s year-end mega event — announced they would return to New York State for the first time since 2005 if Belmont Park is modernized. The weekend event is estimated to generate a nearly $100 million economic impact.

Most recently, the coalition released an independent economic analysis highlighting the immense economic benefits of building a new Belmont Park. The project is expected to generate $1 billion in construction-related economic impact and 3,700 construction jobs. In addition, it would create a recurring $155 million in annual economic impact upon completion and sustain 740 new full time jobs.
 

In recent months, the coalition has welcomed several new prominent members, who will join the chorus of voices advocating for the project in Albany. New members include the Business Council of New York State, the Long Island Association, the Long Island Builders Institute (LIBI), and the Queens Chamber of Commerce.
 

The $455 million project to modernize Belmont Park, which was built in 1905 and last upgraded in 1968, would be funded entirely by the New York Racing Association, Inc. (NYRA). While the project requires authorization for state-backed bonds from Albany, no taxpayer funds would be used an in addition to the billions in economic activity created by the project, taxpayers would see a benefit because state-owned Belmont Park would be upgraded at no cost to the state. The project would help secure the future of horse racing in New York State — which generates $3 billion in annual economic activity and sustains 19,000 jobs for New Yorkers — buoying the economy on Long Island, in the Capitol Region, and across the Empire State. In total.
 

Coverage of We Are NY Horse Racing’s campaign for the Belmont Modernization Project Includes:

• NY Daily News: Supporters of Belmont Racetrack overhaul tout economic benefits as they seek state-backed borrowing power (Dec 14, 2022)
  
  ALBANY — A coalition of business groups and horse racing industry leaders pushing for a major overhaul of Belmont Park are touting a new analysis showing the project could be a job-generating boon to the local economy.
  
  The analysis, conducted by HR&A Advisors on behalf of We Are NY Horse Racing, found the Nassau County project could potentially generate $155 million in annual economic output, support 740 full-time jobs, and produce $10 million in new state and local taxes per year.
  
  The study comes as the New York Racing Association, which operates racetracks at Belmont, Aqueduct, and Saratoga is seeking access to $455 million in state-backed bonds to complete the project.
   
• Newsday: State urged to OK $455M in borrowing for Belmont renovation* (Nov 17, 2022)
  
  Business and racing industry groups on Thursday urged the state to approve borrowing for $455 million to make extensive improvements at Belmont Race Track to secure the future of the 120-year-old track for year-round racing “at no cost to taxpayers.”
  
  “Belmont Park would be taken down and started from scratch, a completely new grandstand and clubhouse,” said Jeff Cannizzo, senior director of government affairs at the New York Racing Association.
  
  The borrowing would be repaid over 30 years by NYRA, which operates thoroughbred racing statewide including at Belmont, which is owned by the state.
   
• Newsday: Breeders' Cup willing to return to Belmont Park pending improvements (Nov 3, 2022)
  
  “The Breeders’ Cup is willing to return to Belmont Park provided the aging horse racing facility is modernized and its surrounding infrastructure improved.
  
  That was the crux of a letter sent to the New York Racing Association co-signed by Breeders’ Cup Limited chairman of the board Barbara Banke and president and CEO Drew Fleming and obtained by Newsday.
  
  Belmont Park hosted the annual two-day championship thoroughbred festival in 1990, 1995, 2001 and 2005 before it was determined the non-heated, non-winterized racetrack and surrounding facilities such as hotels were inadequate.
  
  This year’s Breeders’ Cup will be run on Friday and Saturday at Keeneland in Lexington, Kentucky. Monmouth Park in Oceanport, New Jersey has also been included in the rotation of racetracks hosting the Breeders’ Cup.
  
  The upcoming legislative session in Albany will consider authorizing $450 million in state-backed bonding for improvements at Belmont Park, including upgrades to winterize the cavernous grandstand.”
   
• amNY: Majority of New Yorkers support plan to revamp Belmont Park: Poll (Sept 29, 2022)
  
  The New York Racing Association is looking to build new horse racing facilities at Belmont Park — and a majority of voters support the idea, according to a new poll.
  
  Global Strategy Group conducted the poll, which asked 1,141 New York State voters about the issue, and found that 51% have “ a favorable opinion of horse racing in New York.”
  
  The survey comes after Anna Kaplan, the state senator representing the area that covers Belmont Park, introduced a bill to “authorize the New York Racing Association, Inc. to enter into a repayment agreement with the state of New York for payment of bonds issued by the state for the renovation of Belmont Park.”
  
  The project would finance a reconstruction of Belmont Park through state-backed bonds, which would “be entirely self-funded, with no cost to taxpayers,” according to the “We Are NY Horse Racing Coalition,” which helped conduct the poll.
   
• amNY: New Belmont Park horse racing project would be a boon to the economy: Study (Dec 14, 2022)
  
  A newly published study claims that a new horse racing facility at Belmont Park would be a massive windfall for the state and local governments — as the proposed project would generate $1 billion in economic activity, and lead to the hiring of 3,700 construction workers.
  
  After completion, the facility would rake in $155 million annually for the economy, while creating 740 full-time jobs. The state and local governments would get an additional $10 million in new taxes per year, the survey claims.
  
  According to the study, which was commissioned by the advocacy group We Are NY Horse Racing (made up of stakeholders in the state’s horse racing industry), claims that the project, if completed, would generate 2.6x that amount of money invested in the idea.
   
• Spectrum NY1: Business, labor coalitions seek to strengthen New York horse racing industry (Nov 17, 2022)
  
  An effort to strengthen New York's $3 billion horse racing industry is moving forward on Thursday with a coalition of business groups, trade organizations and labor unions ramping up its efforts to aid the sport.
  
  The groups, part of the We Are New York Horse Racing campaign, will launch an effort to push for bonding authority for the New York Racing Association in order to renovate Belmont Park in Nassau County, home of the Belmont Stakes and the third and final leg of racing's triple crown. But the organizations are also framing it as a broader call to boost the sport statewide.
  
  The coalition is set to include the Business Council of New York State, the Queens Chamber of Commerce and a range of small businesses and non-profit entities.
   
• WAMC: Horse racing industry coalition seeks state approval for NYRA borrowing plan (Nov 17, 2022)
  
  A coalition of horse racing industry leaders in New York is asking the state government to approve borrowing to overhaul Belmont Park on Long Island. They say the improvements there will buoy the racing industry across the state.
  
  The New York Racing Association, which operates racetracks at Belmont, Aqueduct, and Saratoga, wants to build a new grandstand and clubhouse at Belmont Park on Long Island near New York City.
  
  A reconstruction of its racetracks is also planned, as well as the possibility of building of a synthetic track. The current grandstands are more than 50 years old at the home of the third leg of the Triple Crown, the Belmont Stakes.
   
• News 10: Horse industry calls on NY lawmakers to approve Belmont Park upgrades (Nov 17, 2022)
  
  ALBANY, N.Y. (NEWS10) — Supporters of New York’s horse racing industry gathered at the New York State Capitol on Thursday to call on legislators to approve a plan to rebuild Belmont Park.
  
  Renovations would be funded through bonds rather than taxes. New York Racing Association said it would be responsible for paying off the bonds. NYRA still needs approval from state lawmakers to move forward with the plan.
  
  Even though the Belmont Race Track is on Long Island, supporters said renovating would benefit the racing industry across the state, including at Saratoga Race Course.
   
• Newsday [Editorial]: After a red wave on Long Island, who will speak for the region in Albany? (Nov 19, 2022)
  
  The state also has several big impending moves specific to Long Island, from determining the future operations and control of the Long Island Power Authority to siting three downstate casino licenses. Approving the New York Racing Association's ability to access state bonds for a new grandstand and clubhouse at Belmont Park also is key.
   
• Newsday: Budget czar’s departure leaves deficit on MTA board (Nov 17, 2022)
  
  The latest effort to remake the racing facilities at Belmont Park gathered new momentum Thursday, as the We Are NY Horse Racing coalition gathered in Albany to announce new members — including the influential Business Council of New York State — and to relaunch its effort to encourage the State Legislature to support state-backed bonding for a new grandstand and clubhouse at Belmont.
  
  But the statewide coalition will be facing a very different landscape when it restarts its efforts in January. Long Island will have only two state senators in the Democratic majority, and fewer Assembly members in that chamber's majority. The Assembly representative who covers Belmont Park — Michaelle Solages — remains, and is a solid backer of the effort to secure state support for the $450 million bonding proposal.
   
• Newsday: George Santos’ thin blue line (Sept 28, 2022)
  
  And they’re off! Expect horse racing and the future of Belmont Park to take a key spot at Albany’s starting gate when state budget talks and the next legislative session get underway.
  
  Last year, the New York Racing Association — along with harness racing and thoroughbred racing groups and dozens of small businesses, labor unions, nonprofits, trade associations and other organizations — formed a coalition called We Are New York Horse Racing. The group, initially focused on just trying to promote the sport, put most of its advertising and other efforts into upstate locations.
  
  But now coalition members are focusing on their desire to have the state give NYRA access to up to $450 million in state-backed bonds to finance upgrading Belmont Park. Their plans include building a new grandstand and clubhouse facility. Separately, NYRA already is constructing a tunnel to make the infield accessible to visitors and construction vehicles, and has plans to reconstruct and modernize Belmont’s racing surfaces.
   
• News12 LI: Study shows economic benefits of project to revitalize Belmont Park racetrack (Dec 14, 2022)
  
  A new project to modernize the Belmont Park racetrack would create a big economic boost, according to a new study from the group "We Are NY Horse Racing."
  
  Data from analysis company HR&A Advisors found the multiyear project would help generate $155 million in annual economic output and support 740 new full-time jobs.
  
  A new Belmont Park would also produce $10 million in state and local taxes per year.
  
  "This would be a gamechanger for Long Island - it would allow us to consolidate all of the downstate horse racing at Belmont, it would allow us to bring the Breeders' Cup here, it would really make Belmont Park a world-class facility that it deserves to be and should be," said LIA CEO and President Matt Cohen.
   
• 1010 WINS AM: Interview with Patrick McKenna (Nov 16, 2022)
   
• Patch: Group Pushes For Belmont Modernization To Bring Breeders' Cup Back (Nov 7, 2022)
  
  ELMONT, NY — There is a push to bring the Breeders' Cup back to Belmont Park. The last time Belmont hosted thoroughbred racing's biggest day was in 2005.
  
  The group We Are NY Horse Racing said the state has received a commitment for the Breeders' Cup to return to Elmont if the racetrack is modernized.
  
  "New York is the ultimate global stage, and the new Belmont Park will be an ideal location to regularly host the Breeders’ Cup,” said NYRA [New York Racing Association] President & CEO Dave O’Rourke. "The Breeders’ Cup is one of the great events in sports, and as we all saw over the weekend, the enthusiasm and energy around the Breeders’ Cup continues to grow. We thank our friends at the Breeders’ Cup for recognizing the opportunities that lie ahead here in New York and look forward to advancing this transformational project in the coming months."
   
• LI Herald: State urged to approve Belmont park development plan (Dec 8, 2022)
  
  Community leaders and horse racing enthusiasts are urging state legislators to go to the whip for Belmont Park and give their approval for a major upgrade at the racetrack.
  
  Representatives from We Are NY Horse Racing visited Albany last month to encourage state leaders to approve a $455 million redevelopment project for Belmont Park racetrack, at 2150 Hempstead Turnpike in Elmont.
   
• The Island 360: Horse racing coalition pushes state to modernize Belmont Park (Nov 21, 2022)
  
  Modernizing Belmont Park is at the forefront of the 2023 legislative agenda for We Are N.Y. Horse Racing, a business and labor coalition that unveiled its plans in Albany Thursday morning.
  
  The coalition of horse racing industry leaders in the state is pushing the state government during budget season to approve and back a $455  million bond issue to renovate Belmont Park in Elmont.
  
  Officials said the bond would not use taxpayer money and be paid back with racing revenue over 30 years.
  
  The horse racing industry in New York generates $3 billion in annual economic activity while sustaining 19,000 jobs, according to the NYRA.
   
• Canadian Casinos: Equine Coalitions Back NYRA in Borrowing Plan (Nov 21, 2022)
  
  The latest horse racing news from New York State includes a coalition of the sector’s leaders that have voiced their support for the New York Racing Association’s borrowing plan. The coalition backs NYRA request to the state officials to green light a plan to renovate Long Island's Belmont Park. Leaders say the overhaul will benefit the racing industry across the state.
   
• Sports Business Journal: New York urged to approve funds for Belmont track renovation (Nov 18, 2022)
  
  Business and racing industry groups on Thursday urged New York state to "approve borrowing" $455M to make "extensive improvements at Belmont Park to secure the future of the 120-year-old track for year-round racing at no cost to taxpayers," according to Mike Gormley of NEWSDAY. The borrowing "would be repaid over 30 years by NYRA," which operates thoroughbred racing statewide including at Belmont.
   
• WAMC Legislative Gazette: Ep #2246 (Nov 18, 2022)
   
• WRGB CBS6 Albany: Coalition says new Belmont Park would bring back Breeders' Cup, secure Saratoga's future (Nov 17, 2022)
  
  Albany — We Are NY Horse Racing gathered outside the New York State Senate chambers on Thursday, setting their sights on their goals and hopes for 2023, which included its legislative agenda. They say a revitalized Belmont Park would bring back the Breeders' Cup for the first time since 2005.
   
• DRF: Representatives of New York racing and business community reintroduce plan to rebuild Belmont Park (Nov 17, 2022)
  
  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 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.
   
• Blood Horse: New Supporters Join Push to Fund Belmont Park Upgrades (Nov 17, 2022)
  
  A coalition pressing for approval of a state-backed bonding plan for major improvements at the New York Racing Association's Belmont Park announced the expansion of its membership Nov. 17 at the state Capitol in Albany.
  
  The effort comes as New York Gov. Kathy Hochul, recently elected to a full term as governor, is putting together her spending, revenue, and bonding provisions when her 2023 state budget plan is unveiled in January.
  
  We Are New York Racing, a coalition initially formed to counter criticisms over the racing industry regarding equine safety and state subsidies' issues, said Thursday it was adding members to its group at a time when it will be pressing for a bonding authorization for an overhaul at Belmont.
   
• Thoroughbred Daily News: Breeders' Cup at Belmont? No Timetable, But Edging Closer to Reality (Nov 7, 2022)
  
  The topic of Belmont Park hosting the Breeders' Cup resurfaced again Monday with the public release of a letter from Breeders' Cup executives to the New York Racing Association (NYRA) to “reaffirm the strong desire” to return the event to Belmont “as soon as the potential infrastructure projects we discussed are complete.”
  
  That undated letter, which was attached as part of a Nov. 7 pro-Breeders' Cup press release issued by the “We Are NY Horse Racing” coalition of small businesses, labor unions, non-profits, and trade associations, did not include any specifics about the projects that were referenced, nor did it state a ballpark timetable for when Belmont might be re-introduced into the rotation of host tracks.
   
• Paulick Report: ‘If You Build It, We Will Come’: Breeders’ Cup Commits To Belmont Return If Track Is Modernized (Nov 7, 2022)
  
  We Are NY Horse Racing, a coalition of small businesses, labor unions, nonprofits, trade associations, and other groups that support the sport of horse racing in New York, has announced that the New York Racing Association, Inc. (NYRA) has secured a commitment to bring the Breeders' Cup World Championship back to New York if Belmont Park on Long Island is modernized.
  
  Thoroughbred horse racing's year-end mega event, the Breeders' Cup is a two-day spectacle that attracts fans and competitors from around the globe. Due to aging infrastructure at Belmont Park, the World Championships have not been hosted in New York since 2005.
  
  Bringing the event back to Belmont would result in an estimated economic impact of at least $100 million each time the event is hosted in New York.
   
• Sports Business Journal: Breeders' Cup to return to Belmont Park pending track improvements (Nov 4, 2022)
   
• Thoroughbred Daily News: Poll Shows New Yorkers Support Belmont Construction (Sept 29, 2022)
  
  We Are NY Horse Racing, a coalition of small businesses, labor unions, non-profits, and trade associations, released a public opinion poll that found 68% of voters statewide and 75% of voters on Long Island support using state bonding authority to construct new horse racing facilities at Belmont Park. In addition, New Yorkers view horse racing favorably by a 3-to-1 margin.
  
  In 2022, legislation was introduced for the first time that would allow the New York Racing Association to finance the modernization of Belmont Park through state-backed bonds.
   
• Blood Horse: Majority of New Yorkers Support Project for New Belmont (Sept 29, 2022) 
   
• Paulick Report: Poll Results: Majority of New Yorkers Support Project To Build New Belmont (Sept 29, 2022)
   
• Thoroughbred Daily News: We Are Horse Racing NY Releases Study on Economic Impact of Belmont Project (Dec 14, 2022)
   
• Blood Horse: Belmont Modernization to Add Jobs, Impact Economy (Dec 14, 2022)
   
• Paulick Report: Independent Analysis Reveals Belmont Park Project Would Generate $1 Billion Economic Impact (Dec 14, 2022)

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