On 2 May, New York State lawmakers approved the FY2024 budget, which included funding for a $455m (£362.0m/€412.2m) loan to renovate and upgrade the Belmont Park race track.
Non-for-profit racetrack operator the New York Racing Association (NYRA) is charged with developing the project to build the new thoroughbred racing facility at Belmont Park.
The NYRA said that the “significant” construction development would have no cost to tax payers, due to being funded through loans that the operator is obliged to pay back to the state government.
Belmont Park’s existing grandstand and clubhouse are to be replaced with a new building, designed to “reflect the evolution” of racing and wagering since the site was last redeveloped in 1968.
In keeping with the declining popularity of racing in New York, the new construction is to be smaller, with the current 1.25 million square foot facility set to be replaced with a 275,000 square foot structure.
According to the NYRA, the new building is to..