A recent study by Saratoga County Industrial Development Agency has once again reiterated the importance of the historic Saratoga Race Course for the greater Capital Region. The study indicates that the New York Race Association’s track generates approximately US$371 million in economic benefit for the region as well as over 2,900 job positions.
Saratoga County Industrial Development Agency’s report was issued on Monday, July 10, 2023, during a news conference at the Saratoga Performing Arts Center. It finds that the overall economic impact of the summer meet has spiked by 57% since 2014 across the nine-county Capital Region. It was based on data and information from 2021.
According to the study, Saratoga Race Course generates approximately US$7.3 million of tax proceeds for New York State, with another almost US$2.4 million of tax revenue to Saratoga County and around US$2.1 million to Saratoga Springs. SCIDA’s report also reviewed the track’s major attractions such as SPAC, Saratoga Casino Hotel and Saratoga National Historic Park.
David O’Rourke, NYRA President and CEO commented that horse racing is a strong engine for the Empire State’s economy and it benefits families and communities in every corner of the state. He added that the study proves that the track’s popularity and importance is at its peak. NYRA is now looking forward to welcoming fans for another exciting summer season.
The study is concentrated on the economic impact within a nine-county region including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties. It found that the track accumulated US$371,067,040 in annual economic impact from three primary sources: Direct with US$241,311,827 of the total, Indirect with US$51,656,531, and Induced with US$78,098,682.
These three categories amount to spending on goods and services by visitors and racing athletes, on-site jobs, and spending at businesses that provide goods and services to the track. Hence, enabling an economic ripple effect in the area. Last but not least, it determined that the Thoroughbred track is able to generate 2,937 jobs in the region.
Summer Meet is Just Days Away
In the meantime, the horse racing industry is preparing for another unforgettable edition of the Saratoga summer meet. It is on track to start on July 13, 2023, and run through September 4, 2023. In total, the track will contest 71 world-class stakes events which will feature over US$20.8 million in purse money promising tons of thrilling world-class races.
This year’s edition of the meet will be even more exciting for New York-bred horses, due to the recent announcement about purse increases. The new series of purse bumps will apply to New York-bred horses which will compete at the upcoming summer meet at Saratoga Race Course. Purses will increase by 30% for locally produced in comparison to the non-New-York-breds.
Source: “Saratoga Race Course generates more than $370 million in annual economic impact” Past the Wire, July 10, 2023