Belmont Park lost a major portion of its track area when the New York Islanders built an arena on a portion of the land. The New York Racing Association has sought $450 million to rebuild the track.
New York legislators introduced bills to authorize state bonds to pay for the work. With just four weeks left before the session adjourns, there may not be enough time to push this through,
NYRA has been pushing for the authorization for the past year to finish the planning stages and begin construction.
Earlier this year, the legislature approved a budget that guaranteed payments from the state’s casinos to NYRA for the indefinite future. NYRA officials have stressed that the association will make all of the interest and principal payments on the bond issue using the casino payments, according to the Daily Racing Form.
NYRA officials have said that Belmont Park needs to be remade to reflect those impacts, along with widespread changes in expectations among the populace for sports and entertainment facilities.
“For thoroughbred racing, a reimagined Belmont would be the most consequential and significant new development the sport has seen in recent history,” said Pat McKenna, a spokesperson for NYRA, in a prepared statement. “It would result in a facility capable of hosting year-round racing and pave the way for the return of the Breeders’ Cup World Championships to New York, among other advantages. NYRA envisions a new grandstand that will honor the history and traditions of this historic property while offering fans the kind of modern amenities and differentiated experiences they have come to expect from stadiums and venues.”
