A new report examining the economic impact of the Saratoga Race Course shows the horse racing industry is having an increased footprint in the Capital Region economy.
According to the report released Friday by the Saratoga County Industrial Development Agency, the 40-day meet at Saratoga Race Course generates $237 million in economic activity and 2,600 jobs across the Capital Region.
The study, conducted by Camoin Associates, shows that between 2011 and 2014 the economic benefits of the track have increased 9 percent.
New York Racing Association President and CEO Chris Kay said the findings revealed in the report are significant.
“I think this is the kind of the thing, I hope everyone will understand how important it is, because this kind of economic impact to the entire Capital Region is huge. Everybody benefits from it. And we’re so proud that we play such an important role in that effort,” said Kay.
The report focused on the impact in Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren, and Washington counties.
Some key findings include a 60 percent increase in spending from tourists in Saratoga. Tax revenues generated by the Race Course to state and local governments total $14.2 million. Occupancy tax revenues in Saratoga Springs and Saratoga County have more than doubled since the year 2000.
At a time when thoroughbred breeding is declining across the U.S., between 2011 and 2013 New York saw a 25 percent increase in foal production and a 49 percent increase in sales of New York-bred yearlings. The increase is affiliated with the dedication of VLT revenues to breeding programs.
The turn in the breeding industry has also spurred an increase in horse farm properties in Saratoga County by 14 percent from 2010 to 2013.
Purses for races restricted to state-breds saw an increase of 67 percent over the last three years.
Kay gave a bigger picture on the impact of the nationally troubled racing industry.
“The horse racing industry in New York generates $2.1 billion in annual economic impact, and creates over 17,000 jobs. So our industry is extremely important in New York, and as this report reflects, to the Saratoga area.”
NYRA itself, which had been losing money for years, has also said that 2014 proved to be the first profitable season in a decade.
While the positive data shows a brighter future for the racing industry and Saratoga Springs, local officials cautioned that the momentum must be carried forward through policy and investment.
Todd Shimkus, President and CEO of the Saratoga County Chamber of Commerce, said last year alone, 200 new hotel rooms opened in Saratoga County, with more to come. He said in order to continue filling those rooms, there must be a commitment from the community.
“We cannot be complacent as a community. We have to continue to invest in amenities that will bring more people here, and that means also the Saratoga Race Course.”
Saratoga Springs Mayor Joanne Yepsen echoed Shimkus on the importance of VLT revenues.
With changes made by the state to the VLT aid formula over the years, the City of Saratoga Springs has seen its share of the funding decrease from $3.5 million to $1.8 million. Yepsen said the VLT aid is vital to the city as well as the horse racing industry.
“If you all remember we fought very hard for the VLTs at Aqueduct and you can see why. It has a direct impact on the success of Saratoga Springs and the entire NYRA circuit. If we don’t have state support for continuing the horse industry in New York State, Saratoga Springs will suffer,” said Yepsen.
For more information visit:http://www.saratogacountyida.org/
