Belmont Racetrack re-development named a ‘Project of Regional Significance’

Rendering of Belmont Racetrack multimillion dollar project.
Courtesy of NYRA

The Belmont Racetrack reboot has been hailed as a “Project of Regional Significance” by the Long Island Regional Planning Council (LIRPC).

The $455 million project for the Belmont Park racetrack in Elmont, near the Queens-Nassau County border, was given the designation after a presentation from developer Michael Dubb, who sits on the board of the New York Racing Association.

In a presentation on Wednesday, May 14, Dubb detailed plans to modernize the venue and showed the project’s economic benefits. Seven LIRPC board members in attendance at the meeting unanimously voted to approve the designation during the presentation.

The Belmont Racetrack modernization is projected to generate $1 billion in construction-related economic impact and bring over 3,000 temporary construction jobs to the area during the project.

The racetrack is projected to create $155 million in annual economic revenue by its completion and bring 700 full-time jobs to the area.  Project details include the demolition and reconstruction of its underutilized, 1.25 million-square-foot grandstand and clubhouse. The new structure will be less than one-quarter of its original size, which will allow for the expansion of the backyard area of the racetrack. During the winter months, community members would be able to attend year-long events and racing activities once the new building is winterized. In addition, the more modern clubhouse and grandstand will feature multiple bars, dining options and lounges. A tunnel will eventually be created to connect fans from the parking lot to Belmont’s infield. Developers are also interested in utilizing the 45-acre field for community events. 

The redevelopment is projected to be completed by the end of the summer of 2026, and the Belmont Stakes, which was moved to Saratoga this year, would be back by June 2026. The racetrack first opened in 1905 and was rebuilt in the 1960s. The grandstand opened in May 1986 and is currently the largest in thoroughbred racing.