{"id":16693,"date":"2015-04-16T22:16:52","date_gmt":"2015-04-17T02:16:52","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/04\/report-track-season-means-237m-and-2600-jobs-for-the-greater-capital-region.html"},"modified":"2015-04-16T22:16:52","modified_gmt":"2015-04-17T02:16:52","slug":"report-track-season-means-237m-and-2600-jobs-for-the-greater-capital-region","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/04\/report-track-season-means-237m-and-2600-jobs-for-the-greater-capital-region\/","title":{"rendered":"Report: Track Season Means $237M And 2,600 Jobs For The Greater Capital Region"},"content":{"rendered":"
\n
\n\"track-pic-2-wm.jpg\"\n<\/div>\n
A jockey rides in the early morning hours at Saratoga Race Course\n<\/div>\n<\/div>\n

The annual summer meet at Saratoga Race
\nCourse generates $237 million in economic activity
\nand nearly 2,600 jobs across the greater Capital
\nRegion, according to the findings of a study
\nreleased today by the Saratoga County Industrial
\nDevelopment Agency (IDA) in early March.<\/p>\n

Commissioned by the IDA as an update to a
\nrecent impact study, the report concludes that
\nthe economic rewards from the operation of the
\nrace course have increased by nine percent since
\n2011 across a nine-county territory.<\/p>\n

Conducted by Camoin Associates of Saratoga
\nSprings, the 2014 update also shows a surge in
\njob growth of more than 30 percent attributed
\nto the operation of Saratoga Race Course and
\nits participants, including owners, trainers and
\njockeys, as well as tourism activity generated by
\nthe historic track.
\n“The results of the Economic Analysis of
\nSaratoga Race Course give us a real sense of
\noptimism that the future of the racing and breeding
\nindustry in New York state, which is such an
\nintegral part of the economy of our city, county
\nand region, is finally, after many troubled years, on
\na sound financial path to success,” said Saratoga
\nCounty IDA Chairman Raymond Callanan.<\/p>\n

Chris Kay, Chief Executive Officer and President
\nof the New York Racing Association (NYRA),
\nsaid “it had been obvious to me and many others
\nthat much has changed for the better in
\nthe intervening years since the last report had
\nbeen prepared. And it is extremely beneficial to substantiate this empirical evidence with facts
\nand data.”<\/p>\n

He added the revised study “demonstrates
\nunequivocally that the economic benefits traced
\ndirectly to the operation of Saratoga Race Course
\ncontinue to grow at a steady pace. As someone
\nwho has spent much of his career in the tourism
\nindustry, I can attest to the fact that most municipalities
\nand regions would envy for an attraction
\nthat yields these type of economic rewards.”<\/p>\n

IDA officials said the study, based on numbers
\nfrom 2014, analyzed the impact of Saratoga Race
\nCourse on various sectors of the regional economy,
\nincluding overall spending, employment,
\nthoroughbred breeding, tourism and hospitality,
\nand tax revenues generated to local and state
\ngovernments. It also researched the impact of
\nvideo lottery terminal (VLT) revenues on the
\nracing industry since the opening of Resorts World
\nCasino in 2011.<\/p>\n

The report focuses on the economic benefits
\naccrued within a nine-county region including Albany,
\nColumbia, Greene, Montgomery, Rensselaer,
\nSaratoga, Schenectady, Warren and Washington
\ncounties.<\/p>\n

Its findings, the IDA said, show that Saratoga
\nRace Course generates an estimated $237 million
\nin economic impact each year from three primary
\ncomponents: nearly $43 million in output attributed
\nto track operations overseen by the New York
\nRacing Association; $52 million in expenditures
\ngenerated from spending by participants, including
\nowners, trainers, jockeys and breeders; and a
\nnearly $142 million sales impact from spending
\nby tourists and visitors to the region.<\/p>\n

The study accounted for the way track-related
\nspending circulates throughout the regional
\neconomy creating an economic “ripple effect.”<\/p>\n

Among the key findings, IDA officials said,
\ninclude:<\/p>\n

\u00e2\u20ac\u00a2 Hospitality and Tourism Industry:
\nTourism continues to grow in Saratoga, with
\nspending by tourists and visitors generating 60
\npercent of the total $237 million economic impact,
\nor the equivalent of $142 million. This data
\nrepresents a 60 percent increase in the spending
\nimpact from tourists since 2011. Visitor surveys
\nconducted during the 2014 meet indicate strong
\nout-of-market tourism numbers, with 59 percent
\nof guests at Saratoga coming from outside the
\nnine-county study area.<\/p>\n

According to Cindy Hollowood, general manager
\nof the Holiday Inn Saratoga Springs, hotel occupancy
\nat her property is on average 20 percent
\nhigher on racing dates compared to non-racing
\ndates in the month of July while the average daily
\nrate is 50 percent higher when the race track is operating during the corresponding month.<\/p>\n

This trend is reinforced in Albany County
\nwhich in 2014 experienced its highest level of
\noccupancy at 84.1 percent and highest average
\ndaily room rate at $106 during the month of
\nAugust, which corresponds with the height of
\nthe Saratoga meet.<\/p>\n

\u00e2\u20ac\u00a2 Employment:
\nThe race course creates the equivalent of
\n2,588 full-time jobs in the region. Between 2011
\nand 2014, employment attributable to the operation
\nof Saratoga Race Course increased by more
\nthan 30 percent throughout the nine-county
\nstudy area with significant growth spurred by
\nthe tourism sector where job numbers increased
\nby 58 percent.<\/p>\n

\u00e2\u20ac\u00a2 Tax Revenues:
\nTax revenues generated from the race course
\nare estimated to have contributed $14.2 million
\nto local and state government in 2014, with $7.4
\nmillion accruing to New York state and $6.8 million
\naccruing to Saratoga Springs and Saratoga
\nCounty. The tax revenues are generated from income
\ntax, sales tax, room tax on lodging, property
\ntax, tax on admissions, OTB surcharges and NYRA
\nstatutory payments to New York state entities.<\/p>\n

The occupancy tax figures, or room tax on
\nlodging, continue to generate record revenues for
\nSaratoga Springs and Saratoga County and have
\nmore than doubled within the county since 2000.<\/p>\n

The 2014 meet marked the fourth straight year
\nof record occupancy tax receipts from overnight
\nhotel stays within the city and the third consecutive
\nyear of record receipts for the county, a
\nsignificant portion of which is directly attributable
\nto the race course.<\/p>\n

\u00e2\u20ac\u00a2 Purses:
\nThe study finds that the purses NYRA restricts
\nto New York-bred horses have been one of the
\nmajor drivers of the demand for and investment
\nin thoroughbred breeding operations in New
\nYork state. In 2014, NYRA designated more than
\n$40 million in purses to races restricted to New
\nYork-breds, a 67 percent increase from the $24
\nmillion allocated in 2011. Additionally NYRA ran
\n678 races in 2014 restricted to New York-breds,
\nwhich is 13 percent more than the statutory minimum of 600.<\/p>\n

\u00e2\u20ac\u00a2 Thoroughbred Breeding:
\nAt a time when the national breeding industry
\nhas declined, New York state has experienced a 25
\npercent increase in foal production and a 49 percent
\nincrease in sales of New York-bred yearlings
\nat auction between 2011 and 2013. The timing of
\nthis increase in horse breeding and sales activity
\naligns with the arrival of VLT revenues in 2011
\nand the additional purses, or prize money, NYRA
\nhas designated for races restricted to horses bred
\nin New York stat.<\/p>\n

\u00e2\u20ac\u00a2 Farmland:
\nThe resurgent breeding industry has spurred
\nan increase in the number of horse farm properties
\nin Saratoga County which grew 14 percent
\nbetween 2010 and 2013. Horse farms account
\nfor 3.7 percent of agricultural parcels in the
\nnine-county study area in comparison to only 2
\npercent in New York state.<\/p>\n

For more information or to access the complete
\nreport, visit www.saratogacountyida.org.<\/p>\n","protected":false},"excerpt":{"rendered":"

A jockey rides in the early morning hours at Saratoga Race Course The annual summer meet at Saratoga Race Course generates $237 million in economic activity and nearly 2,600 jobs across the greater Capital Region, according to the findings…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,68,126,127],"class_list":["post-16693","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-capital-region","tag-saratoga-county","tag-saratoga-springs"],"yoast_head":"\r\nReport: Track Season Means $237M And 2,600 Jobs For The Greater Capital Region - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/04\/report-track-season-means-237m-and-2600-jobs-for-the-greater-capital-region\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Report: Track Season Means $237M And 2,600 Jobs For The Greater Capital Region - 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