MAYOR GIULIANI ANNOUNCES THAT TRIPLE CROWN HOPEFUL SILVER CHARM MEANS ECONOMIC GOLD FOR BELMONT STAKES & NYC
Mayor Rudolph W. Giuliani announced today that the appearance of Triple Crown contender Silver Charm in this weekend's Belmont Stakes will nearly double the economic impact from the race and bring in an estimated $13 million in spending to New York City.
"New York City has never been accused of being a one horse town but this week we don't mind the designation one bit," Mayor Giuliani said at a City Hall press conference. "At this Saturday's 129th running of the Belmont Stakes, a horse named Silver Charm may be the first horse to win racing's coveted Triple Crown since Affirmed in 1978. While Silver Charm's victory would certainly be thrilling for all horse racing fans, New York City is expected to reap substantial economic benefit just for having him in the race."
The City typically nets about $7.7 million each year as a result of the Belmont Stakes each year. This year the City is projecting that total spending associated with the event will near $13 million. That total consists of tourist spending, including entertainment and transportation, and the "ripple effect" associated with these expenditures throughout the economy.
Silver Charm, winner of both the Kentucky Derby and the Preakness, will be bucking for the Triple Crown at the Belmont Stakes on Saturday, June 7, at Belmont Park. The Belmont Stakes is the third leg in racing's Triple Crown.
With Silver Charm's presence, the 2 1/2 minute race is expected to draw an additional 15,000 to 20,000 spectators to the track. City officials estimate that at least 5,000 tourists will be spending two or three days in the City fueling hotel and restaurant revenue. The remaining 10,000 to 15,000 added observers are expected to come from the tri-state area, spending the day in the City. With the Triple Crown up for grabs, it is projected that approximately 63,000 spectators will come to the Belmont Stakes.
"Whether it's the Belmont Stakes, the World Series, the NBA All-Star Game or the New York City Marathon, New York City is constantly proving that it is the capital of the sporting world," the Mayor added. "Not only has the City proven itself as the 'Capital of the World' for business and entertainment, but now we are on the map as the place to come for spectacular sporting events. The excitement and economic impact produced by these sporting extravaganzas benefit all New Yorkers."
"Successful sporting events have always lured fans to New York City. The Belmont Stakes is the final barrier to the coveted Triple Crown. The attention Belmont and the Triple Crown are drawing to New York City this year will increase the City's prestige in the sporting world even more and bring in tremendous revenue for the City," said Charles Millard, New York City Economic Development Corporation (EDC) President. "Tourists and residents alike will enjoy the excitement of this important race while creating a valuable economic boon."
"It is a pleasure to welcome a contender like Silver Charm whose potential for good fortune is also benefiting the City," said Allie Sherman, President of New York City Off-Track Betting Corporation. "It's been 19 years since the last Triple Crown winner and the City of New York is very excited about the potential for sports history being made this Saturday at Belmont Park."
The Belmont Stakes typically brings in $0.3 million in City taxes every year. With a Triple Crown contender in the race, City tax revenues are expected to reach $0.5 million. The City also is projecting a total of $5.1 million in bets to be placed through Off-Track Betting on the day of the race. It is estimated that $1.75 million in bets will be placed at Off-Track Betting on the Belmont Stakes alone. Last year, without a Triple Crown hopeful, $4.6 million was spent at Off-Track Betting on Belmont Stakes day, including $1.58 million bet on the race.
This is the 129th Belmont Stakes. Since its inception, only 23 horses have entered the race with a chance at the Triple Crown. If Silver Charm wins the race, he will be only the 12th horse in history to gain that prestigious title. The last horse that appeared at Belmont Stakes with the chance to win the Triple Crown was in 1989. However, the last horse to actually win the Triple Crown was Affirmed in 1978. Other famous Triple Crown winners include Secretariat and Seattle Slew.
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.
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