ICYMI: New Belmont Park horse racing project would be a boon to the economy: Study
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.
According to the study, which was commissioned by the advocacy group We Are NY Horse Racing , claims that the project, if completed, would generate 2.6x that amount of money invested in the idea. HR&A Advisors conducted the study, and examined the plan to create a facility that would allow for year-round racing at Belmont Park, which would become the hub of horse racing in the lower part of New York State.According to HR&A Advisors, the plan to upgrade Belmont Park would cost approximately $455 million, and it would generate around 2.6-times that amount in economic activity in the succeeding years.
“Importantly, NYRA would be responsible for all debt service on the bonds, and therefore no taxpayer dollars would be used to fund any upgrades,” the group claims.
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