A recently-released study of the economic impact made by the annual summer meet at Saratoga Race Course on the greater capital region focuses on the expansion of the area’s breeding industry as a key factor in a nine-percent growth rate seen since 2011, and an increase in jobs of more than 30 percent. Specifically, last year the Saratoga meet generated $237 million in economic activity and was responsible for nearly 2,600 jobs across the greater capital region. The meet also generated as much as $14.2 million in tax revenue for city, county and New York State.
Commissioned by the Saratoga County Industrial Development Agency (IDA), the study was conducted by Camoin Associates, who used 2014 figures to update economic data generated from prior reports in 2006 and 2011. The group looked at various sectors of the regional economy within the nine-county region of Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington.
The key factor in this growth was identified as the expansion of the thoroughbred breeding industry in New York, which the study links directly to the infusion of VLT revenue into restricted purses and incentives. Raymond F. Callanan, Chairman of the Saratoga County Industrial Development Agency, said,
We conducted extensive interviews with owners, trainers and breeders and it is clear that the State’s investment of VLT revenues has had a significant and far reaching economic impact on New York’s 2 billion dollar racing and breeding industry. Simply put, the VLT enhanced purse structure and breeders’ awards program has revitalized the industry and made the New York Breeding program the envy of the country.”
Added Callanan, “The results of the [study] give us a real sense of optimism that the future of the racing and breeding industry in New York State, which is such an integral part of the economy of our city, county and region, is finally, after many troubled years, on a sound financial path to success.”
The study also highlights the important role of the breeding sector in expanding much-needed greenspace in the surrounding area, citing a 14 percent increase in the number of horse farm properties in Saratoga County between 2010 and 2013. Horse farms account for 3.7 percent of agricultural parcels in the nine-county study area in comparison to only 2 percent in New York State.
Jeffrey Cannizzo, Executive Director of New York Thoroughbred Breeders, Inc., said, “This study underscores the positive impact of VLT money not only on the breeding industry directly but on the whole region, in terms of greenspace, employment and tax revenues. This this kind of economic growth is exactly what upstate New York needs, and breeders should be proud to be such an important of it.”
