Since the official race season kicked off last week in Saratoga Springs, now is a good time to mention the economic and jobs benefits that come from the race season.
The following was posted online earlier this year:
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 of a study released today by the Saratoga County Industrial Development Agency (IDA). Commissioned by the IDA as an update to a recent impact study, the report concludes that the economic rewards from the operation of the race course have increased by nine percent since 2011 across a nine-county territory (numbers are adjusted for inflation).
Conducted by Camoin Associates, the 2014 update also shows a surge in job growth of more than 30 percent attributed to the operation of Saratoga Race Course and its participants, including owners, trainers and jockeys, as well as tourism activity generated by the historic track.
The study, based on numbers from 2014, analyzed the impact of Saratoga Race Course on various sectors of the regional economy, including overall spending, employment, thoroughbred breeding, tourism and hospitality, and tax revenues generated to local and state governments. The study also researched the impact of video lottery terminal (VLT) revenues on the racing industry since the opening of Resorts World Casino in 2011.
The report focuses on the economic benefits accrued within a nine-county region including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.
The study’s findings show that Saratoga Race Course generates an estimated $237 million in economic impact each year from three primary components: nearly $43 million in output attributed to track operations overseen by the New York Racing Association; $52 million in expenditures generated from spending by participants, including owners, trainers, jockeys and breeders; and a nearly $142 million sales impact from spending by tourists and visitors to the region. The study accounted for the way track-related spending circulates throughout the regional economy creating an economic “ripple effect.”
Employment Focus: The annual operation of Saratoga Race Course creates the equivalent of 2,588 full-time jobs in the region. Between 2011 and 2014, employment attributable to the operation of Saratoga Race Course increased by more than 30 percent throughout the nine-county study area with significant growth spurred by the tourism sector where job numbers increased by 58 percent.
The Saratoga race season, beginning in July, is a big boost to the economy and jobs for a variety of sectors. Hotels, restaurants, the Casino and Raceway, are just some of the sectors that get a benefit.
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