Gov. Hochul Announces $1 Billion Renovation of Belmont Park

Belmont Park Set for $1 Billion Renovation

By Amelia Walker Senior Content Writer Updated: 25 March 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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Demolition and Construction Timeline

The renovation began with the demolition of the current Belmont Park grandstand and clubhouse earlier in March, continuing into early July. New construction is set to begin in early 2025, with work on the new grandstand and adjacent building starting in January 2026. The project is expected to be completed in time for the fall race season of the same year.

Hochul said in a recent statement:

The redevelopment of Belmont Park is a critical investment in one of New York’s most historic sporting venues. The new facility will support year-round racing, thousands of new jobs for Long Islanders and provide an enhanced experience for customers attending the iconic Belmont Stakes for generations to come.

The new 275,000-square-foot grandstand will feature modern amenities and hospitality offerings to enhance the fan experience. The State of New York has authorized a $455 million loan to the New York Racing Association (NYRA) to help fund the ambitious plan, which is anticipated to generate $10 million in local and state tax revenue.

Relocation of the Belmont Stakes

Due to the extensive renovation work scheduled for the venue, the Belmont Stakes, one of the three races in the Triple Crown, will be relocated to Saratoga Springs for the 2024 race. This marks the first time the event will not take place at Belmont since 1967. The race will also be shortened from its traditional 1½-mile distance to 1¼ miles to accommodate Saratoga’s main track.

While this has caused some controversy, the vast majority of stakeholders now realize that Belmont Park needs to be renovated – and putting it off for much longer risks the renovation costs increasing even more than they already are.

Of course, it’s a very historic event; Belmont Park has been a fixture in New York horse racing since its debut in 1905, attracting more than 50,000 spectators each year for the Belmont Stakes. The current grandstand, which can accommodate up to 90,000 people, was built in 1968 and in the 55 years since its construction, has seen little change, apart from small repairs and minor renovations.

The renovation project is part of Governor Hochul’s initiative called “Improvements Facilitated by the Governor’s FY2024 Executive Budget Proposal to Bring Thousands of Jobs and Over $150 Million Annually in Economic Activity.”

The modernization of Belmont Park is expected to have a significant impact on the local economy and secure the future of one of New York’s most iconic sporting venues. However, some critics have claimed the current time frame is too ambitious, stating it will take years for the project to be completed.