Equine Coalition Backs NYRA in Borrowing Plan

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Recent horse racing news from New York State includes a coalition of sector leaders who have expressed support for the New York Racing Authority’s borrowing plan. Coalition backs NYRA’s request to New York State officials to approve plans to renovate Belmont Park on Long Island. Leaders say the shake-up will help the racing industry across the state.

The NYRA operates racetracks in Belmont, Acuduct and Saratoga Springs, and the association recently announced plans to build a new grandstand and clubhouse in Belmont Park. 릴게임사이트 In addition, reconstruction is underway as well as the development of synthetic tracks. But the organization will need state approval and funding.

Jeff Canizo, a spokesman for the horse racing organization, said the idea was to borrow money from the state, but it would not include taxpayer funds. In return, the association will boost the sector and retain thousands of jobs across Empire State by strengthening state assets and providing global venues as well as UBS Arena.

NYRA’s request is to borrow $455 million to repay over the next 30 years. The debt service will also be paid through revenue from VLT gambling venues devoted to capital projects. And according to Mr. Kanizo, this will not affect municipalities that host game sites and receive just a fraction of the same revenue.

The plan is supported by Weah NY Horse Racing, a coalition joined by the NYRA last year. The New York State Board of Companies also supported the project. CEO and chairman Heather Mulligan said the committee would support the plan for obvious economic benefits. More than 19,000 New Yorkers are directly employed by the local horse racing industry, according to the CEO.

We believe that the New York racetrack will secure the future of horse racing in the state, including the Saratoga racetrack, where planned maintenance at Belmont Park is expected. The group shared that the latter track’s summer tournament alone now offers more than US$240 million in revenue over the year and that an upgrade to Belmont Park would generate even more funding.

Earlier this year, Belmont Park began construction of a new multipurpose center on the site for New York racetrack pastors in the United States. A special groundbreaking ceremony was held on the track on March 28, 2022, and the industry’s famous names appeared. The 3,500-square-foot site will be located inside the entrance to Gate 6 of the iconic racetrack.

According to the association, the project was entrusted to Frost Huff Architects, based in Saratoga Springs. It will be located at the entrance to Gate 6 in Belmont Park, and there is also a multi-purpose room, office space for ministerial staff, and a chapel that will function as a classroom for learning.

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