Redevelopment Project Generating $1 Billion in Economic Impact and 3,700 Union Construction Jobs
New Facility Set To Reopen in 2026 as a World-Class Racing and Entertainment Destination
Governor Kathy Hochul today joined The New York Racing Association, Inc. (NYRA), AECOM Tishman, Populous and unionized construction workers for a topping out ceremony, marking the placement of the final beam at the new Belmont Park, where New York State and NYRA are engaged in a multi-year redevelopment project to create a world-class racing and entertainment destination in Elmont.
“As we raise the final beam, today marks a major milestone for Belmont Park and New York State,” Governor Hochul said. “This project is more than simply rebuilding a racetrack — it’s creating jobs, boosting our economy and ensuring Belmont remains a world-class destination. This redevelopment means thousands of good-paying union jobs, new opportunities for local businesses and a facility that will attract visitors from around the world.”
Belmont Park will re-open for live racing in September 2026 with the Belmont Stakes, presented by NYRA Bets, set to return to its Long Island home in 2027 following a three-year period where the event was temporarily shifted to Saratoga Race Course. In May, Governor Hochul proudly announced the new Belmont Park as the site of the 2027 Breeders’ Cup World Championships, the annual year-end mega event last held in New York State in 2005.
The project to build a new Belmont Park will generate $1 billion in construction-related economic impact and create 3,700 construction-related jobs. Following the return of thoroughbred racing to Belmont in 2026, additional racing and non-racing activities at the new facility will generate $155 million in annual economic output and produce $10 million in new state and local tax revenue per year.
In 2023, Governor Hochul’s Executive Budget included a proposal for NYRA to modernize Belmont Park, and the FY24 Enacted Budget granted that approval, providing NYRA with a $455 million loan to build new racing facilities at the historic property in Elmont, N.Y.
Central to the Belmont Park redevelopment is a 300,000-square foot, five-story building featuring the amenities and hospitality offerings sports fans have come to expect. Designed by the renowned architectural firm Populous in conjunction with NYRA, the building will incorporate 21st century technology within a modern design representing a new era for Belmont Park.
As part of the overall redevelopment of Belmont Park, NYRA has expanded its commitment to modernizing the barn area and backstretch by completing the construction of two new dormitories since 2023, with construction on a third scheduled to begin later this fall. In addition to new residential housing at Belmont Park, NYRA has made significant further investments to improve backstretch quality of life by:
- Upgrading the on-site medical clinic
- Installing a modern Blue Light security system
- Upgrading the Recreation Hall and Track Kitchen facilities
- Renovating the on-site Gymnasium
- Implementing new flood mitigation strategies
- Ensuring access to reliable Wi-Fi
By reducing the grandstand’s overall footprint and introducing new pedestrian and vehicular tunnels to the infield, the new Belmont Park will provide fans and the surrounding community with more open and accessible green space than ever before.
When complete, the new Belmont Park will feature four newly constructed racing surfaces: the traditional 1 1/2-mile dirt main track, two turf courses, and a one-mile Tapeta track, which will serve as the exclusive surface for winter racing.
Upon completion of the new grandstand at Belmont in 2026, all racing operations at Aqueduct Racetrack will move to the new Belmont facility and the New York Racing Association will return the property back to the State of New York. In anticipation of Aqueduct's closure, Empire State Development in partnership with the Franchise Oversight Board will lead a planning process with local stakeholders to reimagine over 100 acres at the site in early 2026. Consistent with Governor Hochul's Executive Order 30, ESD shall consider the goal of creating additional housing.
For additional information on the new Belmont Park, please visit NewBelmont.com
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