Gov. Kathy Hochul’s $455 million loan to prop up the jewel of New York’s fading horse racing industry really stinks, critics charge.
Ellis Kaplan
The horse racing industry has political influence. NYRA’s board of directors includes titans from business and the real estate industry who are big campaign donors to Hochul and state lawmakers from both parties. The governor insisted she’s not providing a “direct subsidy from the state” and is merely giving NYRA the authority to float bonds to pay for the Belmont overhaul.
The Belmont track overhaul will yield a $1 billion economic impact from construction jobs, 740 permanent jobs, additional state and local tax revenue and generate a return that would be worth more than double the $455 million loan, NYRA said.
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