Belmont Stakes At Saratoga Race Course Will Have Multi-Million Dollar Impact On Region

By Paul Post

Burlington, Vt. residents Jim Doyle and Christine Dunbar are fortunate to own a second home in downtown Saratoga Springs.

Even so, they and weekend guests will likely spend $400 per night at local restaurants during the June 6-9 Belmont Stakes Festival. They’ll also buy souvenirs and make plenty of other related purchases.

“Without a place here, I can’t imagine what it would cost for a hotel, breakfast and parking at the track,” Doyle said.

Their Belmont Stakes budget is a drop in the bucket compared to what international horse people, who arrive early and stay long afterward, will likely spend — explaining why the Festival is expected to have a more than $50 million economic impact on the surrounding area.

“Beyond the excitement and energy around a Triple Crown event at the sport’s most beloved venue, the Belmont Stakes at Saratoga Race Course will generate important economic impact and drive tourism throughout the Capital Region,” said David O’Rourke, New York Racing Association president. “We are thrilled to add a new chapter to the story of thoroughbred racing in Saratoga Springs this June.”

A recent study prepared for Saratoga Economic Development Agency says the regular summer meet’s economic impact has increased 57 percent to $371 million since 2014, across the nine-county Capital Region. Saratoga Race Course is also responsible for generating almost 3,000 jobs.

Many merchants says the summer meet is like having a second Christmas shopping season. The Belmont Stakes Festival is a third major boost.

Marianne Barker, owner of the popular Broadway gift shop Impressions of Saratoga, has already seen sales skyrocket for a special Belmont Stakes at Saratoga poster and T-shirt created by prominent Capital Region artist Greg Montgomery.

“It’s got an incredible amount of detail featuring the Belmont trophy against a green background,” she said. “People are super, super excited about it. Sales have been strong and I just think they’re going to get stronger.

Barker expects the Festival to give her annual revenue stream an extra 10 percent boost, if not more, and believes it will have a long-lasting benefit for the area’s tourism industry. “It’s going to create a whole new clientele with people who have never been here before,” she said. “Once they hit Saratoga, they’re going to fall in love with it.”

Saratoga will also host the 2025 Belmont Stakes as a nearly half-billion dollar reconstruction of Belmont Park continues in Queens.

“We are focused on the 2024 experience and will have a far better idea about what visitors and spectators like or want more or less of in 2025 after this year,” said Todd Shimkus, Saratoga County Chamber of Commerce president. “The Chamber, Discover Saratoga, Downtown Business Association, Saratoga Economic Development Corporation and the Saratoga Springs City Center teamed up earlier this year and will host a week-long series of activities and events called Belmont on Broadway. There will be a significant event every day starting Monday, June 3, all the way through Sunday, June 9. Lots of entertainment, music and fun watch parties.”

“The idea is that the eyes of the world will be focused on Saratoga that first week in June and we want to showcase our vibrant downtown, local businesses, museums, the arts and local attractions while people are watching with the hope they will book a visit later this year or next,” he said.

On-track attendance will be capped at 50,000 each day during the four-day Festival, but thousands if not tens of thousands more people will be on hand to take part in a wide array of fun events and activities. (See: www.discoversaratoga.org).

“It’s worldwide exposure,” said Joe McMahon whose farm, McMahon of Saratoga Thoroughbreds, is the birthplace of 2002 Kentucky Derby and Preakness Stakes winner, Funny Cide. “The Belmont is such a prestigious race. If there’s a Triple Crown on the line it’s going to be unbelievable, or even if there’s two good horses that have beaten each other in the Derby and Preakness. Attendance and media attention will go through the roof.”

The Festival will feature 24 stakes races with purses exceeding $10.1 million including the $2 million Belmont, the highest purse levels and number of stakes offered since the multi-day Festival began 10 years ago. Other high-profile races scheduled are Hill ‘N’’ Dale Metropolitan Handicap and Resorts World Manhattan, both with million-dollar purses.

“We think there’s going to be a lot of first-timers here,” said Deanna Devitt, Downtown Business Association president. “The biggest thing is making sure people love our town and see what we have to offer so they come back.”

The Broadway store, de Jonghe Original Jewelry, has taken advantage of enthusiasm for the Belmont by creating a special horse racing charm. It’s an oval design that says Belmont Saratoga 2024 and includes a three-dimensional horse and jockey. Next year, plans call for having a 2025 version as well.

“We developed an equestrian line specific to the track about 20 years ago,” Evan de Jonghe said. “We also have two other new generic charms with a jockey cap and jockey silks that say Saratoga Springs.”

“In speaking with other business owners, there are high expectations for having the Belmont in Saratoga,” he said. “I’m hoping it fulfills those expectations. We always like it when people are on vacation because they tend to shop more, the whole family’s there. It’s a time when you can capture the entire family all at once or the husband-wife duo. They’re in a better place to buy together and their energy is a little bit better typically.”

Hotels from Albany to Lake George are benefiting and some have bumped up room rates because of increased demand, generating extra revenue.

Lake George Chamber of Commerce is encouraging people to stay there with a “Thirty Minutes to Thoroughbreds” campaign. “If it’s anything like what happened with the eclipse, it was like a Memorial Day Weekend here,” Executive Director Gina Mintzer said. “It far exceeded anyone’s expectations in terms of business. We’re hopeful the same thing will happen with the Belmont.”

“We are watching this intently and daily,” said Sam Luciano, president, Fort William Henry Corporation in Lake George. “We expect reservations to pick up when the other major races (Kentucky Derby, Preakness) are completed.”

Adirondack Regional Chamber of Commerce President and CEO Tricia Rogers said, “It’s going to have a great economic impact. It’ll be good for our restaurants and hotels, all of our hospitality industries. People will hopefully take advantage of our museums and attractions while they’re here, too. It’s truly a win-win and we’re excited to see how this all plays out.”