The multiyear project, expected to be completed by the third quarter (Q3) of 2026, is set to generate $1bn in economic impact related to construction and create 3,700 jobs.  

The NYRA will oversee the construction of the project, which involves building new thoroughbred horse racing facilities at the park, the home of the Belmont Stakes race.  

New York governor Kathy Hochul's Executive Budget for 2023 included a proposal to modernise Belmont Park, which was approved in the 2024 Enacted Budget.  

This approval granted the NYRA a $455m loan to transform the site into a sports and entertainment destination in Elmont.  

The NYRA plans to work with organised labour, certified minority- and women-owned businesses, and service-disabled veteran-owned businesses for constructing the building. 

NYRA board of directors chair Marc Holliday said: “The new Belmont Park will be a thoroughly modern racing and entertainment facility that will take its place on the global stage among iconic venues like Ascot, Longchamp and The Curragh.” 

The current 1.25 million square feet structure will be replaced with a new building spanning approximately 275,000ft², with modern amenities and hospitality offerings.  

Despite maintaining the same 50,000-person capacity, the new layout is intended to offer flexible seating and standing spaces to better accommodate seasonal attendance.  

The addition of a winterised building and new racing surfaces, including a synthetic track, will enable year-round racing. 

The new facilities are also expected to produce $155m in annual economic output and new state and local tax revenue of $10m each year.