http://www.costar.com/News/Article.a...DFF0421B3D6146
Study Backs Belmont Park Rasino Plan
By Randyl Drummer
February 24, 2009
A new report recommends that a casino and hotel be built at the Belmont Park racetrack in Nassau County to generate jobs and revenue for state and local government.
Options for the redevelopment of an approximately eight-acre parcel adjacent to the racetrack grandstand include a hotel and racino, according to the Belmont Park Redevelopment Study, released this week by the Empire State Development Corp. and the New York State Racing and Wagering Board.
Redevelopment options for a larger parcel of about 28 acres include retail, a small hotel, senior housing and recreational opportunities.
Before the project can go to bid, however, the state and other stakeholders must conduct further financial and economic feasibility analysis to determine a preferred option based on the most marketable and beneficial uses for the property. Once that once is approved by the state, requests for proposals could go out, followed by a public and environmental review process.
New York Gov. David A. Paterson said Belmont Park is an enormous economic development asset for the state, and "in these times of fiscal crisis, it’s important that we move forward with projects like Belmont, which can create new jobs, generate additional tax revenue and bolster economic development in the surrounding communities in Nassau and Queens Counties."
Although Belmont Park is the third jewel in racing's storied Triple Crown and has been an enormously successful horseracing venue for more than 100 years, "its full development potential has never been realized," said John Sabini, chairman of the state Racing and Wagering Board. With the study, "we are reawakening this sleeping giant of a state and community asset," Sabani said.
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Here's the
Belmont sudy.