NYRA Allowed to Develop Belmont Park
Author:
Megan Butler
Money flows: New York State lawmakers recently approved the FY 2024 budget, making available funding for a $455 million loan to renovate the Belmont Park race track. Non-for-profit racetrack operator the New York Racing Association (NYRA) is now the lucky one tasked with executing the project to build a new thoroughbred racing facility at Belmont Park.
New York State lawmakers have approved the FY 2024 budget, providing funding for a $455 million loan to renovate the Belmont Park race track, with not-for-profit racetrack operator the New York Racing Association (NYRA) tasked with developing the site.
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NYRA Promises that Major Development at Belmont Park Will Come at No Cost to Taxpayers
Money talks: New York State lawmakers recently approved the FY 2024 budget in May 2023, which features funding for a $455 million loan to renovate and improve the Belmont Park race track. The not-for-profit racetrack operator the New York Racing Association (NYRA) was selected as the lucky one now saddled with the responsibility of carrying out the project to develop the new thoroughbred racing facility at Belmont Park.
The New York Racing Association (NYRA) said that the “significant” project development would come at no additional cost to taxpayers, seeing as it is being funded via loans that the NYRA must pay back to the state government.
Belmont Park’s current grandstand and clubhouse will be replaced with an entirely new building, which will be built in order to “reflect the evolution” of horse racing and betting since the project was last redeveloped all the way back in 1968.
The reality of the matter, however, is that horse racing has been experiencing declining popularity in New York, so the new construction is expected to be much smaller. Belmont Park’s current 1.25 million square foot facility will therefore be downgraded to a 275,000 square foot structure.
Transformation of Belmont Park Will be Significant for Future of Thoroughbred Racing in New York
Celebrating the occasion of winning the opportunity to develop the historic Belmont Park horse racing track was New York Racing Association (NYRA) president and CEO David O’Rourke, who promised a bright future ahead for thoroughbred racing and even went as far to thank New York State Governor Kathy Hochul for prioritizing the project:
“The transformation of Belmont Park will secure the future of thoroughbred racing in New York State, create thousands of good jobs and drive tourism to Long Island and the region for decades to come. We thank Gov. Hochul and our legislative leaders for recognizing the importance of this project to the countless New York families and small businesses reliant on a strong horse racing economy.”– David O’Rourke, President and CEO, New York Racing Association (NYRA),Press Release
The NYRA continued by emphasizing the roles played by senator Joseph Addabbo and assemblyman Gary Pretlow for championing the project as respective chairs of the Senate and Assembly Committees on Racing, Wagering and Gaming. Furthermore, the NYRA said it would activate organized labor to carry out the project. Fans can expect more parkland available to them thanks to the additional development of the “Belmont backyard”.
NYRA president and CEO O’Rourke ended his statement by promising fans and observers that the organization would return Belmont Park to its former title of being the global capital of thoroughbred racing:
“NYRA is committed to building a world-class venue that honors the history and traditions of this iconic property within a modernized overall facility. We will deliver a revitalized Belmont Park that will reclaim its place as a global capital of thoroughbred horse racing.”
Churchill Downs Incorporation (CDI) Developing Horse Betting App for DraftKings
In other horse racing news, popular racetrack and gaming operator Churchill Downs Incorporated (CDI) announced in December 2022 that it had stepped into a broad multi-year agreement with DraftKings in which it would develop an exclusive parimutuel wagering horse racing product for the sports betting giant.
The product, titled DK Horse, will be built by Churchill Downs Incorporated’s (CDI) B2B horse racing subsidiary TwinSpires. CDI will also hand over its advanced deposit wagering technology to DraftKings as a result of the deal.
Finally, CDI will also hand over the parimutuel wagering rights to content that the business owns, such as the Kentucky Oaks and the widely renowned Kentucky Derby. Jason Robins, CEO and chairman of the board of DraftKings, believes that horse racing fans only have much to gain thanks to the partnership:
“We are excited to collaborate with Churchill Downs Incorporated, not only to give our existing customers an opportunity to engage with parimutuel horse wagering, but also to acquire new customers efficiently during marquee horse racing moments. Due to the structure of the agreement, we expect this new product offering to be immediately profitable.”– Jason Robins, CEO and Chairman of the Board, DraftKings,Press Release
For its part, Churchill Downs CEO Bill Carstanjen claimed the race track operator was very relieved to be working together with DraftKings, telling customers they would be enjoying a premium experience to come:
“We believe the depth and quality of our online offering through TwinSpires is unmatched in horse racing. We are excited to establish this relationship with DraftKings and to deliver a full end-to-end white label ADW solution that will introduce their significant base of sports betting customers to horse racing wagering.”– Bill Carstanjen, CEO, Churchill Downs Incorporated (CDI),Press Release
BetMGM Joined Forces with NYRA Bets in June 2021
Speaking of the New York Racing Association (NYRA), casino and sportsbook giant BetMGM announced all the way back in June 2021 that it was beginning a partnership with the NYRA’s online betting platform – known as NYRA Bets.
BetMGM now holds access to NYRA’s horse racing app, enabling customers to place bets on events ranging from the Kentucky Derby to the Belmont Stakes to the Breeders’ Cup. Former NYRA Bets president Tony Allevato used his statement to hold onto the importance of horse betting for the betting industry at large:
“This is the type of partnership that reflects the importance of horse racing within the rapidly evolving sports betting marketplace. BetMGM has consistently led the charge to expand wagering opportunities for their customers, and we are thrilled that our horse racing content will soon be available on their platform.”
