Belmont Park - Trains Magazine

Long Island Star-Journal, January 15, 1962

And We’re Off!

Ponies Kick L.I. Economy Upward

By Lou O’Neill (Star-Journal Sports Editor)

The economic importance of thoroughbred horse-racing on Long Island is significant when measured by the volume of employment and earnings generated, tax revenues and markets providing goods and services.

The New York Racing Association operates two race tracks on Long Island — Aqueduct and Belmont — and the combined attendance at these tracks in 1961 was 5,401,878. These spectatators paid admission taxes totaling $1,007,818 to New York City and $238,961 to Nassau County.

There were 196 days of thoroughbred racing — 138 at Aqueduct and 58 at Belmont Park — on Long Island in 1961 and there will be the same number in 1962, with the first meet at Aqueduct opening on March 20.

The subway, railroad and bus systems reaped heavily from the attendance at the tracks in 1961. The subway system carried 1,057,757 to Aqueduct's special subway station at the track entrance, the Long Island Railroad delivered 200,131 to Belmont Park. By public bus, 236,805 came to Aqueduct and 220,791 to Belmont Park.

Frank M. Basil, vice-president, treasurer and comptroller of the NYRA, points out the impact that thoroughbred racing in New York has on the economy!

"In 1961," said Basil, "the mutuel pool at Aqueduct, Belmont and upstate Saratoga totaled over $544,000,000, as compared to $103,000,000 in 1940. In 1940 the State's revenue amounted to $6,000,000, in 1961 it was $58,312,502. By assessing only a handlul of people, money is saved for all the taxpayers in the state.

A gain of 2.39 per cent in mutuel handle was recorded on the total of $544,000,000. The 1960 figure was $531,528,210.

The two dollar bettors contributed $178,685,004 or 32.8 per cent of the total.

Attendance for Aqueduct and Belmont race tracks and the Saratoga race course in Saratoga Springs increased 2.5 per cent.

Aqueduct monopolized the figures. It averaged 29,023 fans and $2,793,418 in wagering during its 138-day three-session meeting. Belmont had two sessions totaling 58 days and had an average attendance of 24,079 that wagered $2,297,167.

The State received a 2.12 per cent increase in its share, taking $1,212,018 more this year than the $57,100,484 chalked up in 1960.

Commenting further on the fabulously successful season enjoyed by thoroughbred racing here on Long Island, Basil added:

"The benefits accruing to the state and local governments through payment of individual state income taxes, franchise taxes, payroll taxes, etc., are substantial. There are over 6,000 persons with earnings of approximately $25,000,000 directly employed by the thoroughbred racing industry in the state.

“Few have any idea of the fringe cash that flows through the community as a result of successfully operated thoroughbred tracks. The tourists and fans racing attracts purchase necessities and luxuries and pay local taxes. This stimulates community action."

The official New York State Racing Commission report showed gains in total mutuel handle, attendance purse distribution and in the state's share. Only in per capita betting was there a decrease. An average of $94.95 per person was bet last year, compared to $95.05 in 1960 and $95.28 in 1959.

One thing more: A total of $216,788 in uncashed mutual tickets was remaining in the track's treasury after the season ended.

So look through those slacks you're planning to take to the cleaners and you may find some funds in the form of an uncashed ticket. You have until March 31 to submit it. After that the tickets have no value and the unpaid money goes to the state treasury.