I attended a breakfast meeting earlier this week in Saratoga Springs with NYRA (New York Racing Association) CEO and President, David T. O’Rourke. The meeting was to discuss the upcoming Belmont Stakes Festival (June 6-9) which will be held at Saratoga Racetrack AND the traditional 40 day Saratoga Racing Meet which begins July 11th.
Saratoga County Chamber of Commerce President Todd Shimkus talks with NYRA President & CEO David O’Rourke at a Chamber-hosted Industry Influencers event on Wednesday morning. Photo by Jonathon Norcross.
For those of you outside the Capital District (Albany/Schenectady/Troy) area, you may not know the “third leg of the Triple Crown” (Belmont Stakes) will be held at Saratoga Racetrack this year and next. Movement of the Belmont Stakes for 2024 and 2025 is due to the revitalization of Belmont Park in NYC, a massive construction project that will require two years to complete.
The economic impact of just the four day Belmont Stakes Festival in 2024 to the Capital District is $50 million. If you don’t believe the number, you just need to walk around town for evidence. A four night stay at the Adelphi Hotel is $8,000. If you want to save a few dollars you can stay at the Embassy Suites for $7,200. Restaurants are sold out all four nights and an 18 hole round of golf at Saratoga National is $330. At the breakfast, O’Rourke said the response to the move has been overwhelming throughout the racing industry and in Saratoga. Can you imagine what it will be like if a Triple Crown is on the line?
From a P+L perspective, NYRA believes conducting the Belmont Stakes in Saratoga will be hugely positive. They are anticipating higher wagering dollars (revenue) with higher costs as well. The higher costs are primarily associated with moving equipment and people to Saratoga and then back to NYC for the remainder of the Aqueduct Meet which concludes in early July.
The 40 day Saratoga Racing Meet draws more than 1 million attendees each year. To put that in perspective, that’s more attendees than several of the professional sports teams in New York on a day for day basis. I won’t estimate the economic impact over the 40 days but suffice to say it’s hundreds of millions of dollars.
When the new Belmont Park opens in 2026, it will be spectacular. I mentioned to O’Rourke the design reminded me of Royal Ascot in the U.K. He remarked I had a keen eye as the architect NYRA is using designed both!
Artist rendering of new Belmont
Artist rendering of new Belmont
Artist rendering of new Belmont
The 2024 Belmont Racing Festival (in Saratoga), the 2025 Belmont Racing Festival (in Saratoga) and a state of art Belmont Park opening in 2026. Lots to look forward to!