Belmont Park reopened Friday after a $550 million makeover, transforming the Long Island racetrack into a 300,000-square-foot entertainment zone with capacity for 10,000 spectators — down from its heyday of 20,000-plus. The New York Racing Association (N.Y.R.A.) project was backed by a $455 million state loan championed by Gov. Kathy Hochul, who called it a "smart use of land" during a ribbon-cutting ceremony. The five-story complex features suites, restaurants, balconies overlooking the paddock, and Manhattan views, plus spaces for concerts and intimate performances.

Horse racing is experiencing a surge fueled by a bonus depreciation tax break in President Trump's 2024 spending bill, allowing immediate deduction of racehorse costs. North American owners spent nearly $1.5 billion on horses last year, a 21% increase. Yet with mobile betting ubiquitous, the question remains whether fans will attend in person. Premium offerings are selling: 90% of box-seat memberships ($36,000–$72,000 annually) and over half of Champion Suites (starting at $175,000) are sold. General admission starts at $7. The Belmont Stakes, recently held at Saratoga Race Course capped at 50,000, can expand with temporary structures.