Contact: Colleen Roche (212) 788-2958 or Janel Patterson (EDC) (212) 312-3517
Mayor Rudolph W. Giuliani today announced that Kentucky Derby and Preakness Stakes Champion Real Quiet's run for the Triple Crown in the Belmont Stakes will almost double the economic impact of the race, bringing an estimated $13 million to the City.
This year, the City is projecting an additional $5.3 million in spending associated with the Belmont Stakes, which normally nets about $7.7 million when there is no Triple Crown contender. Last year, the City also netted about $13 million when the colt Silver Charm also had a chance to win the Triple Crown. Total spending by non-resident tourists consists of spending for hotels, entertainment and transportation, and the ripple effect associated with these expenditures throughout the City's economy.
"Today's running of the Belmont Stakes may well result in the first winning of the Triple Crown in 20 years," Mayor Giuliani said. "And while Real Quiet's victory would be the sports story of the year, having him in the race will also reap substantial economic benefit for the City. We expect that more than 70,000 people will be out at Belmont Park this afternoon and that the Stakes will generate a total economic impact to the City of $12.8 million.
Like Silver Charm last year, Real Quiet is a winner the first two legs of the Triple Crown. In its 130-year history, only 24 horses have entered the Belmont Stakes with a chance at the Triple Crown. Real Quiet stands to be the 12th to win the crown, something that Silver Charm failed to do last year. The last thoroughbred to win the Triple Crown was Affirmed in 1978.
Real Quiet's entry in the race is expected to attract 20,000 additional spectators for an estimated attendance of 70,000 at Belmont Park. City officials estimate that at least 5,000 out of town tourists will be spending at least three days in the City with another 15,000 coming from the tri-state area.
"The possibility of witnessing horse racing history in the making and seeing the first Triple Crown winner in 20 years only adds to the excitement of today's races. We know that the presence of Real Quiet in the Belmont Stakes and his potential good fortune will also benefit our City by attracting more tourists and increasing spending in New York City," the Mayor added.
"Singular events like the Belmont Stakes bring large numbers of people to New York City," Randy Levine, Deputy Mayor for Economic Development, Planning and Administration said. "More visitors from out-of-town means increased business at our City's hotels, restaurants, and retail shops, as well as other tourist attractions. New York City is again this year a big winner as result of the excitement generated by a potential Triple Crown winner."
"The Belmont Stakes, the New York City Marathon, the NBA All-Star Game and other prestigious competitions make our city a mecca for sporting enthusiasts from all over the country," said Charles Millard, New York City Economic Development Corporation President. "The excitement and economic impact they generate benefit all New Yorkers and enhance our position as a major player in the sporting world."
The Belmont Stakes typically brings in $300,000 in City taxes each year. With a Triple Crown hopeful in the race, City tax revenues are expected to reach half-a-million dollars. The City also is projecting a total of $5.1 million in bets to be placed through Off-Track Betting (OTB) on the day of the race. It is estimated that $1.75 million in bets will be placed at OTB on the Belmont Stakes alone. In 1996, without a Triple Crown hopeful, $4.6 million was spent at OTB on Belmont Stakes day, including $1.58 million bet on the race.
EDC is the City's primary vehicle for economic development services. Using real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.