Category Archives: Business News

By Paul Post

 Return of the Belmont Stakes, a new July 4 Racing Festival and the traditional 40-day Saratoga meet are expected to generate an all-time high $450 million economic impact this summer.

Every day of racing has an estimated $9 million economic impact, said Greg Connors, Saratoga Economic Development Corporation president and CEO.   

The Belmont Stakes and July 4 festivals add nine more days to the Spa Oval calendar.

 “Do the math,” Connors said. “That’s $450 million just from world-class racing. From Albany to Lake George, hospitality and tourism industries reported an overwhelmingly positive impact resulting from NYRA’s 2024 Belmont Stakes and our Belmont on Broadway celebration.”

“From June 2023 to June 2024 revenue per available room increased 20 percent,” he said. “Saratoga Springs and Saratoga County enjoyed unprecedented national, and in some cases, international media attention and exposure. Television, traditional media and online communication encouraged visits and stays to not only our city and county, but the entire Capital Region.”

Discover Saratoga President Darryl Leggieri said, “Last year’s Belmont festival was a major success. It showcased the best of Saratoga, but it also created lasting memories for all who attended. I’m confident that this year’s will be even better.”

“There was a 10 percent bump in occupancy tax,” said Jeff Barrett, Clifton Park supervisor and county Board of Supervisors chairman. “We expect the same or perhaps more in 2025.”

The fun starts on Wednesday, June 4 with a Belmont on Broadway concert (7-10 p.m.) that kicks off the five-day Belmont Stakes Racing Festival with performances by Gin Blossoms, an alternative rock band whose single, “Hey Jealousy,” went gold and became a Top 25 hit; and the Uprooted band featuring Michael Glabicki, original singer-guitarist with the former Rusted Root, which sold more than three million albums.

Saratoga Performing Arts Center has announced that it has promoted Christopher Shiley, SPAC’s former Senior Vice President of Artistic Planning, to President. 

Building off of his leadership at SPAC for the past seven years, Shiley will now oversee SPAC’s programming and day-to-day operations in alignment with the organization’s ambitious goals for the future. Working collaboratively with Elizabeth Sobol, SPAC’s Chief Executive Officer and the Board of Directors, the President will play an essential role in supporting SPAC’s continued growth and the long-term sustainability of the organization.

“Chris has become an invaluable asset to SPAC and to our leadership team over the past seven years. Elevating his role to become SPAC’s President is an important step as we plan for the organization’s future and will allow me, for the first time in my tenure, to focus almost exclusively on strategic matters. In his new position, Chris will oversee SPAC’s programming and operations while I continue my work to guide SPAC’s long-term strategic vision, growth, and financial sustainability,” said Sobol.,  

Shiley shares: “I relocated to Saratoga Springs seven years ago to pursue an opportunity at one of America’s most prestigious amphitheaters. Under Elizabeth’s leadership, I have grown alongside the organization itself, strengthening my commitment to the arts and to this community. SPAC is now a vibrant year-round organization with a continued focus on growth and community impact through our robust education programming and multiple stages that the best artists in the world call home. I look forward to my continued work with the incredible SPAC staff and utilizing the skills that I have developed here to make a broader impact across the entire organization.”

By Paul Post

 Wilton Mall’s new owner plans to give businesses direct access to hundreds of new shoppers with a large new residential complex that connects to the 35-year-old shopping center.

Faraz Khan recently purchased the mall and surrounding 100-acre property from California-based Macerich for $25 million.

Traffic at Clifton Park Center Mall has jumped from 4.8 million to 5.6 million visitors annually since he acquired it two years ago, and he anticipates even greater results in Wilton.

“I think we can get to six million visitors at Wilton Mall,” Khan said. “It’s going to take us about two-and-a-half years, but I think we’re going to hit it.”

First, however, the aging facility needs a major makeover to make it more welcoming to consumers and business tenants alike. A multi-million-dollar renovation will get under way soon and at least seven new firms, such as clothing outlet-type stores, will open in the next eight months, said Khan, during a presentation to Wilton Town Board.

“Although we do plan on developing apartments, it’s more important for us to first revive the mall,” he said. “We really think we can bring people back into it. Occupancy now is about 75 percent, but I’m confident we can fill it up.”

The Town Board allowed for a residential component at the mall with a previously-approved Planned Unit Development. A different firm, Paramount Development Group, had proposed razing a vacant, 72,000-square-foot Bon-Ton store and putting housing there, but such plans never materialized and the deal didn’t go through.

Upstate Capital Association of New York (Upstate) has announced the appointment of Shelby Schneider as President and Chief Executive Officer. With more than 20 years of experience building and strengthening New York’s economic ecosystem, Schneider brings a wealth of connections, knowledge, and leadership to her new role, which she began on March 31. 

Schneider has a remarkable track record of bringing people together—across the public, private and academic sectors—and creating environments where innovation and collaboration can flourish. She has led statewide industry initiatives for semiconductor, life sciences and industrial asset management; organized business development initiatives in New York and throughout the U.S.; led the expansion of a statewide semiconductor industry asset map to connect companies with vital supply chain resources, R&D, and workforce programming; and created professional development opportunities with the Women’s Leadership & Diversity Council. 

“In order for startup ecosystems to thrive, we need leaders who bring people together—not just to build companies, but to build community. Upstate Capital has always played that role across New York, and in Shelby, we’ve found a leader who embodies that connective spirit,” said David Brown, Managing Partner, Impellent Ventures and Upstate Capital Board Chair. “She’s not just a force for innovation—she’s a listener, a unifier and a true public servant leader. With Shelby at the helm, I’m incredibly optimistic about what’s next for our region.” 

Schneider has spent her career at the intersection of business, community and opportunity. In her most recent position as Deputy Director of the New York State Economic Development Council (NYSEDC), she led strategic industry attraction, developed impactful programming, grew the membership base, and increased revenue by over 30 percent. 

By Susan Elise Campbell

Organic growth of their flagship practice in Clifton Park has prompted Doctors Alan and Lisa Knott to open a second location of Cornerstone Veterinary Hospital at 92 East Avenue, Suite 201 in the heart of Saratoga Springs. 

The husband and wife team celebrated February 24th with a ribbon cutting attended by the Saratoga County Chamber of Commerce and the Capital Region Chamber. 

The couple established their practice in 2015 after relocating from northeast Ohio with their two young children, Dr. Alan said. Dr. Lisa is from Burnt Hills and he said the family has been “five minutes away from the grandparents” ever since.

Dr. Dayna Jodzio, a native Saratogian, was hired six months ago to get acquainted with the practice before settling in full-time as chief veterinarian at the new location. She diagnoses and oversees all of the cases there. The Knotts will divide their time between Clifton Park and Saratoga, Dr. Knott said.

“Saratoga County has been perfect for us,” he  said. “Pet parents in this area are always looking for the best medicine, and that’s what we are looking to provide.”

The Knotts came from a large practice with six locations and he said when they relocated and set up in Clifton Park, they intended to remain family owned and locally operated. Their business plan did not necessarily include multiple locations.

Saratoga National Golf Club opened Friday, April 11, marking its 25th season as one of the premier golf destinations in the Northeast.

“The golf course emerged from winter in great condition,” said Peter Tavares, Vice President of Golf Services. “and our grounds crews continue to upgrade the aesthetics of our fairways, bridges and golf car paths.”

A range of new amenities and conveniences will enhance the golfing experience this year. Players may now reserve tee times up to 90 days in advance using our automated online booking system. They can also enter their preferences for playing days/times and receive text or phone notifications when slots matching their criteria become available.

A new fleet of high-performance golf cars with Pace GPS technology will be rolled out for the 2025 season. The EZ GO golf cars offer better visibility and reliability. The Pace GPS provides golfers with hole insights such as pin location, distance-to-hole and green heat maps. Pace enables us to mark pin positions to within one meter of an actual location.

During a special celebration recently members of Girl Scouts of Northeastern New York (GSNENY) and NBT Bank celebrated the release of the United States Mint’s Juliette Gordon Low quarter, part of the fourth and final year of the American Women Quarters Program.

 “The significance of honoring our Girl Scouts founder in this manner is not lost on any of us. We’re grateful to the U.S. Mint for this recognition,” said Brenda Episcopo, CEO of GSNENY. “Most importantly, our Girl Scouts can see that the values we hold and the lessons we live are respected and important in today’s society. We are proud not just because our founder is being honored, but also because it is a reflection on the good that Girl Scouts does for our members and our communities.”

The American Women Quarters Program highlights trailblazing women from across the country who have left a lasting impact on American history through their contributions to civil rights, public service, science, the arts and more. Juliette Gordon Low founded the Girl Scouts of the United States of America in 1912. What began as a small group of 18 girls has since grown into a global sisterhood of approximately 2.5 million members.

 “As the bank that proudly supports the Girl Scouts of Northeastern New York, we are honored to present the new Juliette Gordon Low quarter,” said Sarah Halliday, NBT Bank President of Commercial Banking. “Juliette Gordon Low’s legacy is a testament to the power of vision, courage and determination. As we celebrate her contributions, we are reminded of the importance of inspiring and empowering young girls to achieve great things.”

By LEE COLEMAN

The Romeo Auto Group has moved into the Saratoga Springs market with the purchase of Saratoga Subaru and Saratoga Ford, both located just off Northway Exit 15.

“We are super excited to add Subaru to our dealerships,” said Mike Romeo, who will be dealer principal of the two dealerships purchased from the Mackey Auto Group on March 24.

The transaction comes just three months after Romeo Auto Group bought Whiteman Chevrolet on Dix Avenue in Glens Falls, now called Romeo Chevrolet.

The Romeo Auto Group has dealerships in Glens Falls, South Glens Falls and Queensbury as well as five dealerships in Kingston operated by Mike’s older brother Joe Romeo.

Mike Romeo said the group currently has a Ford dealership in Kingston but did not have a Subaru dealership. The auto group owns Romeo Toyota on Broad Street in Glens Falls, Carriage Traders on Saratoga Road in South Glens Falls, and the Romeo Auto Outlet on Quaker Road in Queensbury.

by Kenneth J. Entenmann, CFA®
4/10/2025

It is said that the markets hate “uncertainty.” Well, we have much uncertainty. The Trump administration has created great confusion as to the end game of the tariff wars. 

Is the purpose of tariffs to raise “billions and billions” to help reset our “unsustainable” fiscal debt and deficits? If that is the case, the tariffs will need to be permanent. 

On the other hand, the administration is busy telling us that over 70 countries have approached the White House to “negotiate” new trade deals. Hopefully, that will be the case, as the world will have more free and fair trade, which is a good thing. However, it also means the tariffs and the “billions and billions” are temporary. 

Which is it? Are the tariffs a permanent income stream or a tool for negotiation? Adding to the confusion is that the answer you get depends on which administration official is speaking. 

Trade Advisor Peter Navarro and Secretary of Commerce Howard Lutnick are adamant that the tariffs are permanent. National Economic Advisor Kevin Hassett and Sec. of Treasury Scott Bessent are clearly in the negotiation camp (As am I.) And the President has demonstrated an ability to make both cases at the same time. Confused? Me too. And so are the markets!

The markets have responded harshly to the inconsistent roll-out of the Trump tariffs. The S&P 500 has been down 11.54 percent in the last five trading days, 13.65 percent in the previous month, and 15.28 percent year-to-date. The market is speaking loudly. But maintaining a long-term view is helpful. Even after the recent carnage, the S&P 500 is up 5.15 percent annually over the last three years, 14.37 percent annually over the last fiveyears, and 11.09 percent annually over the last ten years. That’s pretty good! Especially when compared to the “safe” three-year, five-year, and ten-year bond aggregate returns of .94 percent, -.61 percent and 1.35 percent! Yes, diversification still works!