Saratoga Economic Report

By Mike Kane 

Saratoga Race Course is America's oldest track, home to the most popular meeting of the season in this country and a powerful economic engine for the nine-county region surrounding Saratoga Springs, N.Y. 

An economic report issued Friday put the track's importance in perspective, showing that the 2014 season generated $237 million in economic activity and produced nearly 2,600 jobs. The economic activity was up nine percent and jobs were up 32 percent from the most recent survey in 2011. 

Camoin Associates of Saratoga Springs compiled the updated report for the Saratoga County Industrial Development Agency (IDA). The IDA released the findings in a press conference at the National Museum of Racing. 
IDA chairman Raymond Callanan said the positive numbers in the report provide optimism that racing is moving away from troubled times and underscores the impact of the track in the Capital Region of New York. 

“This is the industry that every summer transfers our region into a world-wide showcase and delivers a huge economic result for our residents as well as the business community,” he said. 

Robert Camoin presented his company's report and noted that 2011 figures came out of what was a recession period. Camoin said that the revenue from the video-lottery terminal (VLT) casino that opened in late 2011 at Aqueduct Racetrack has had a profoundly positive impact on the Throughbred racing and breeding industry in New York. He said that since the VLT money has come into the system, there has been a 45 percent increase in breeding farms in the eastern district of New York and a 14 percent growth in Saratoga County. 

“What is abundantly clear to me is whether it was by design or by accident this is an example of New York state getting the public policy and incentives right,” Camoin said, “funneling some of this money into an industry that is now creating jobs in agriculture and tourism.” 

The New York Racing Association contributed to the IDA report by providing Camoin Associates with 2,300 surveys completed by Saratoga Race Course patrons in 2014. Those surveys showed that 59 percent of the people attending the track came from outside the nine-county region and that 39 percent were from outside of New York state. Overnight visitors surveyed said that they spent approximately $227 per person per day during their stays in Saratoga Springs. 

For the fourth consecutive year in the Saratoga Springs and the third straight year in Saratoga County, the bed tax produced record numbers. 

“This analysis is rather simple: More visitors are coming to Saratoga than ever before,” said NYRA President and CEO Chris Kay. “Our collective challenge as the stewards of the Saratoga Race Course is to preserve and enhance its appeal to our guests.” 

The IDA report said that tourists and visitors accounted for 60 percent, or $142 million of the $237 million of the economic activity. NYRA's track operations spent $43 million and there were $52 million in expenditures by participants, identified as breeders, owners, trainers, and jockeys.