New, World-Class Racing Facility Made Possible by $455 Million State Loan Secured by Governor Hochul in FY24 State Budget, Creating 3,700 Union Construction Jobs
New Belmont Park Will Generate $155 Million in Economic Output and $10 Million in New State and Local Tax Revenues Annually
Governor Kathy Hochul today cut the ribbon of the new Belmont Park as it welcomes racing fans for the first time since its closure for reconstruction in 2023. Following a $555 million reconstruction project, the new Belmont Park is a world-class sports and entertainment destination, anchored by a brand new five-story grandstand and newly accessible green space.
“It’s an extraordinary time for racing fans from around the globe as we welcome them back to Belmont Park for the first time in three years,” Governor Hochul said. “Here on Long Island, the new Belmont Park is a state-of-the-art, world-class facility with brand new fan amenities and huge expansions in accessible green space. And the improvements go far beyond the grandstand, with four brand new racing surfaces that will host not just the return of the Belmont Stakes and the 2027 Breeders’ Cup, but year-round racing for the first time in the history of this iconic track. When the gates open and the starting bell sounds later today, Long Island will officially boast the newest and best racing destination in the world.”
The New York Racing Association (NYRA) has also modernized the racing and training facilities at Belmont Park by constructing four new racetracks, including the traditional 1 1/2-mile dirt track, two turf courses and a one-mile Tapeta oval; these new tracks will allow for year-round racing at Belmont Park for the first time ever. The reconstruction of Belmont Park was made possible by a $455 million state loan secured by Governor Hochul in the FY24 Enacted State Budget, and construction created over $1 billion in economic impacts and 3,700 union jobs. The return of racing to Belmont Park will generate $155 million in annual economic output and produce $10 million in new state and local tax revenue per year.
When fully complete, the new Belmont Park will ultimately have a capacity of at least 50,000 spectators for the Belmont Stakes and major racing events, matching the capacity of the historic Saratoga Race Course. The centerpiece of the reconstructed Belmont Park is its new five-story, approximately 300,000-square-foot grandstand and clubhouse, designed by renowned architectural firm Populous in conjunction with NYRA. This new facility features industry-leading amenities and a world-class fan experience. The reconstructed grandstand and access to the infield via pedestrian tunnels will enable the creation of nearly five times more green space for fans and the local community.
The much-anticipated return to racing at Belmont Park today features a sold-out crowd of 6,000 spectators. New bars and restaurants are open at the track, including Big Red's, Homestretch Market, Silks and the Trackside Lounge, along with premium dining and hospitality areas including the Turf Club Restaurant and Lounge, The Overlook, and The Stretch View. Over the coming months, NYRA will complete the fitting out of the third through fifth floors of the new grandstand, which are expected to fully open in Q1 of 2027. Grandstand capacity will increase to approximately 10,000 when all interior floors are complete.
The new Belmont Park will host the return of the Belmont Stakes, presented by NYRA Bets, to its historic Long Island home in 2027 following a three-year period where the event was temporarily hosted at the Saratoga Race Course. In addition, last May, Governor Hochul proudly announced the new Belmont Park as the site of the 2027 Breeders’ Cup World Championships, returning the annual year-end mega event to New York State for the first time since 2005.
Racing has continued to serve as a critical driver of economic activity in New York State. Horse racing in New York State generates an estimated $3 billion in annual economic impact and supports nearly 20,000 jobs. This summer’s Saratoga season saw total attendance eclipse 1 million for the 11th consecutive year. In addition, the Saratoga wagering handle exceeded $900 million for only the second time in history. Through the state’s investments in the new Belmont Park, New York now boasts the oldest continuously-operated athletic venue in the nation at the historic Saratoga Race Course, opened in 1863, and the first new major racing venue built in the nation in over four decades.
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 a third scheduled for completion 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
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