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Saratoga Race Course generates more than $370 million in annual economic impact

by Pat McKenna

The annual summer meet at historic Saratoga Race Course generates $371 million in economic activity and 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, Inc. (NYRA).
 
The report, which was released Monday during a news conference at the Saratoga Performing Arts Center (SPAC), concludes that the overall economic impact generated by the summer meet has increased by 57 percent since 2014 across the nine-county Capital Region.
 
The newly released 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 & 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. NYRA looks forward to welcoming fans back to the Spa for what is sure to be a spectacular summer.”
 
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). These 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 study also determined that Saratoga Race Course is responsible for generating 2,937 jobs in the region.
 
To view a summary version as well as the complete report, visit https://www.saratogacountyny.gov/economic-development/data-and-demographics/.