continued The local housing market has also been impacted by the track.
The study found that within the city about 175 homes and properties collectively valued above $100 million belonged to people connected with the racing industry. In addition, 9 percent of farms within the county are classified as horse farms.
“The direct expenditures made by the New York Racing Association, horsemen and spectators have a true ripple effect throughout our economy and stimulate our overall economic health, while creating a demand for more jobs and services in a number of related industries,” said Callanan.
The numbers are slightly lower than in 2006, according to Callanan. However, the industry is stable “for the first time in years” with the completion of the bid for video lottery terminals bid at the Aqueduct Racino.
Benton said the study shows the racing industry as a “very critical part” of Saratoga’s economy.
According to the 2010 data, track attendance, the amount wagered and the amount paid out to owners and race winners continue to be higher at Saratoga than at any other track in the state.
Benton said the local scenery and historic aspects of the city may contribute to attendance. “You don’t have that at a lot of tracks,” he said.
Dan Silver, director of communications for NYRA, said the association appreciates that the IDA commissioned the study.
“It reflects the importance of the race course to the community, the county, and the entire region,” he said.