The annual summer meet at historic Saratoga Race Course generates $371 million in economic activity and supports more than 2,900 jobs across the greater Capital Region, according to the findings of a new study by the Saratoga County Industrial Development Agency (SCIDA) highlighted today by the New York Racing Association.
The report, which was released Monday during a news conference at the Saratoga Performing Arts Center, concluded that the overall economic impact generated by the summer meet has increased by 57 percent since 2014 across the nine-county Capital Region.
The study, based on data from 2021, finds that Saratoga Race Course is responsible for contributing $7.3 million of tax revenue to New York state, nearly $2.4 million of tax revenue to Saratoga County and nearly $2.1 million to Saratoga Springs.
In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates analyzed the impact of Saratoga’s major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.
“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O’Rourke, NYRA president and CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high.”
The report focuses on the economic benefits 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 generated $371,067,040 in annual economic impact from three primary sources: direct ($241,311,827); indirect ($51,656,531) and induced ($78,098,682).
Those categories account for spending on goods and services by visitors and racing participants, on-site jobs, and spending at businesses that supply goods and services to Saratoga Race Course, thereby creating an economic ripple effect throughout the region.
“The Saratoga County Industrial Development Agency commissioned this economic impact study to analyze the far-reaching effects of Saratoga County’s major tourism drivers—Saratoga Race Course, SPAC, Saratoga Casino Hotel, and the Saratoga National Historical Park,” said Rod Sutton, IDA chairman, in a statement.
“This study updates the economic data generated from prior studies reports in 2006, 2011 and 2015, which looked solely at the economic impact of Saratoga Race Course, and adds SPAC, the casino, and the battlefield. Recognizing their significant contributions to Saratoga County’s economy, the IDA Board was supportive to include these cultural and heritage tourism institutions in this analysis.”
He said the study provides “a comparative breakdown of economic impacts such as jobs, attendance, and spending. It will assist elected officials, business and non-profit leaders, and the public in understanding the tremendous economic significance of these important attractions that generate thousands of jobs and millions of dollars in revenue throughout Saratoga County.
Sutton added, “The results of the economic analysis of these tourism sectors provide a positive forecast that indicates Saratoga County will continue to grow and thrive as one of Upstate New York’s most desirable counties in which to live, visit, and do business for the foreseeable future”
The study also determined that Saratoga Race Course is responsible for generating 2,937 jobs in the region.