By Paul Post
Burlington, Vt. residents Jim Doyle and Christine Dunbar are fortunate to own a second home in downtown Saratoga Springs.
Even so, they and weekend guests will likely spend $400 per night at local restaurants during the June 6-9 Belmont Stakes Festival. They’ll also buy souvenirs and make plenty of other related purchases.
“Without a place here, I can’t imagine what it would cost for a hotel, breakfast and parking at the track,” Doyle said.
Their Belmont Stakes budget is a drop in the bucket compared to what international horse people, who arrive early and stay long afterward, will likely spend — explaining why the Festival is expected to have a more than $50 million economic impact on the surrounding area.
“Beyond the excitement and energy around a Triple Crown event at the sport’s most beloved venue, the Belmont Stakes at Saratoga Race Course will generate important economic impact and drive tourism throughout the Capital Region,” said David O’Rourke, New York Racing Association president. “We are thrilled to add a new chapter to the story of thoroughbred racing in Saratoga Springs this June.”
A recent study prepared for Saratoga Economic Development Agency says the regular summer meet’s economic impact has increased 57 percent to $371 million since 2014, across the nine-county Capital Region. Saratoga Race Course is also responsible for generating almost 3,000 jobs.
Many merchants says the summer meet is like having a second Christmas shopping season. The Belmont Stakes Festival is a third major boost.
Marianne Barker, owner of the popular Broadway gift shop Impressions of Saratoga, has already seen sales skyrocket for a special Belmont Stakes at Saratoga poster and T-shirt created by prominent Capital Region artist Greg Montgomery.