NYRA secures approval to renovate Belmont Park

The New York Racing Association has secured approval from the New York State Senate and Assembly to build a new building at Belmont Park.

US.- The New York Racing Association (NYRA) has secured approval from the New York State Senate and Assembly to build a new thoroughbred racing development at Belmont Park. New York State’s recently approved FY 2024 budget includes authorisation for the NYRA to use a $455m loan to renovate the racetrack.

The existing grandstand and clubhouse are to be replaced with a new building to reflect the evolution of racing and wagering since the site was last renovated in 1968. The project is estimated to generate $1bn in construction-related economic impact and create 3,700 construction-related jobs.

The NYRA highlighted the role of senator Joe Addabbo and assemblyman Gary Pretlow for their efforts to advance the project as chairs of the Senate and Assembly Committees on Racing, Wagering and Gaming.

NYRA president and CEO David O’Rourke said: “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.

“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.”

New York online sports betting revenue hits a new record in March

New York’s online sports betting handle was $1.76bn in March, up 9 per cent from year-on-year and just over $3m short of the state and national single-month record of $1.79bn in January. Figures from the New York State Gaming Commission show record gross gaming revenue of $162.8m and over $83m in state tax revenue driven by March Madness, the NCAA Tournament.

FanDuel remained the most popular sportsbook in New York, taking $740.1m in bets and making $79.6m in revenue. In second place was DraftKings, which took $589.7m in bets and generated $52m. Caesars Sportsbook recorded $237.4m in bets and $15.1m in revenue.