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Together, the Thoroughbred and Standardbred Harness Racing sectors in New York bring an economic impact of $3 billion (inclusive of tourism impact) and employment impact of 19,785.
With 11 pari-mutuel racetracks (four Thoroughbred and seven Standardbred), New York hosted 1078 live race days in 2022, with a total handle reaching $2.7 billion and purses topping out at $295 million.
In addition to race days, New York hosts some of the top sales in North America. The Thoroughbred sales venue at Saratoga’s Fasig-Tipton lands in the top 10 for both the Saratoga Sale and the New York Bred Yearling Sale, both of which take place in August. In Middletown, NY, the Goshen Standardbred Yearling Sale in September is among the Top 10 public Standardbred yearling sales in North America.
Horse racing has a long and robust history in New York, drawing tourists to tracks, farms, towns and communities. The economic value of tourism is part of the $3 billion total impact, as $575 million of that $3 billion comes from racing tourism.
Saratoga, as the preeminent and oldest Thoroughbred track in the country, attracts more than a million visitors a year. The Goshen Historic Track in Goshen, NY, established as a Standardbred facility in 1838, is the oldest continuously operated track in North America, regardless of breed. Although horse training occurs year-round at the half-mile oval, it is a tourism hub for Orange County during its summer race meet. Because of the historic nature of both racing venues, Saratoga Springs and Goshen are home to their respective sports’ Hall of Fame Museums, a further tourism draw for New York.
This summer, New York will see an additional boost to racing’s economic impact, with Saratoga playing host to the Belmont Stakes – the third leg of the famed Triple Crown. According to Najja Thompson, Executive Director of the New York Thoroughbred Breeders, “Last summer, the Saratoga County Industrial Development Agency (SCID) found that the Thoroughbred meet at Saratoga generated $371 million in economic impact and provided 2,900 jobs across the Capitol Region alone.”
Those numbers will no doubt rise dramatically with the Belmont, and the buzz is growing around the potential for those figures.
“The Saratoga Chamber of Commerce thinks the four-day Thoroughbred meet in June for the running of the Belmont Stakes will pump $50 million into the area – and that’s just an estimate of the tourism dollars,” says Tracy Egan, Executive Director of the NY Thoroughbred Breeding and Development Fund.
Enthusiasm for horses in New York is strong, with 2.4 million households (30% of all households) containing a horse enthusiast – and New York racing has something for everyone. Racing schedules for Thoroughbred racing in the state can be found at the NYRA website (www.nyra.com) and the Finger Lake Racetrack website www.fingerlakesgaming.com. The Standardbred racing schedule can be found at www.nysirestakes.com.
The New York State Economic Impact study was commissioned by SaddleUpNY! and made possible through the generous contributions of the following industry partners and friends: New York Thoroughbred Breeding and Development Fund, New York Thoroughbred Breeders, Old Field Farm, Ltd, Blue Chip Farm, John Madden Sales, Cornell University Hospital for Animals, New York Farm Bureau, New York State Horse Council, Karin Bump, Timothy Williams, Sally Lynch, Kent Nutrition and Triple Crown Nutrition. In addition, a linked GoFundMe campaign was also utilized for essential broader support from individuals across the state.
From the American Horse Council
