The Long Island Association’s Small and Mid-Sized Business Committee recently hosted the New York Racing Association for an update on the $455 million transformation of Belmont Park.
The LIA advocated for the state to provide a multimillion-dollar loan to NYRA for the project they secured in the state’s 2024 budget. Then, at no cost to taxpayers, they embarked on one of the most significant racetrack construction projects in modern memory.
Ernie Canadeo, the LIA committee co-chair, said the committee works to ensure that the region’s small businesses are aware of economic development projects that can support their growth and also have a transformative impact on the region like the Belmont Park project.
“We thought it was very important to keep our members updated and to also give them access to leadership in NYRA so they could pursue procurement opportunities,” Matt Cohen, president and CEO of the Long Island Association, said.
David O’Rourke, CEO and president of NYRA, and AECOM Tishman, the project’s general contractor, met with Matt Cohen, president and CEO of LIA, to discuss the project’s current status. At the event, NYRA and AECOM Tishman also discussed how small businesses can become part of the procurement pipeline for the mega project.
Cohen said NYRA is very committed to partnering with small businesses on some of the opportunities that arise from the park’s redevelopment. He said NYRA will also focus on working with minority-owned small businesses.
“Belmont Park is an economic engine for Long Island and this significant transformation of the venue will result in new jobs, revenues, and economic activity,” Cohen said in a press release. “The LIA applauds NYRA for their engagement of regional small businesses to ensure they are aware of the procurement timeline, as well as opportunities once the project is complete.”
AECOM has a 30 percent minority and women-owned business commitment for the construction, and procurement opportunities will exist throughout the project’s duration. All of NYRA’s bid solicitations can be found on NYRA.com/Belmont/about/bid-solicitation.
“AECOM Tishman is proud to play a role in reconstructing and reimagining the iconic Belmont Park, providing a one-of-a-kind campus that significantly improves the racing experience for generations of New Yorkers with a five-story grandstand, five times more green space and a host of state-of-the-art amenities, including a new clubhouse and a stunning rooftop terrace,” Rob Blackman, executive vice president of AECOM Tishman, said in a press release.
O’Rourke said the modernization of Belmont Park is important to the future of racing downstate. He said NYRA will deliver a facility that existing fans and the next generation will be proud to have in Nassau County.
“We thank Matt Cohen and the Long Island Association membership for enthusiastically supporting the development of a new and reimagined Belmont Park,” O’Rourke said.
Cohen said Belmont Park was becoming an antiquated facility and it is now undergoing a major face-lift to bring it into the 21st century.
The centerpiece of the re-imagined Belmont Park will be a new building that will completely replace the existing grandstand and clubhouse.
The Belmont Park project will generate $1 billion in construction-related economic impact and create 3,700 construction-related jobs. Racing and non-racing activities at the new facility will generate $155 million in annual economic output.
Belmont Park opened in 1905 and was last renovated in 1968. It is home to the world-famous Belmont Stakes, the final leg of the “Triple Crown.” The 2024 Belmont Stakes was held at Saratoga Race Course, and the 2025 race will also be held there to allow for the uninterrupted construction of a new and reimagined Belmont Park. The Breeders’ Cup, a year-end championship for North American Thoroughbred racing that attracts international tourism, has also committed to running at the park.
