Gov. Kathy Hochul announced Monday that the Belmont Park modernization project is expected to be complete by the third fiscal quarter of 2026.

The governor says the multiyear project to build a new Belmont Park will generate $1 billion in construction-related economic impact and create 3,700 construction-related jobs.

Hochul says once racing returns to the Elmont facility will generate over $150 million annually in economic activity.

“The redevelopment of Belmont Park is a critical investment in one of New York’s most historic sporting venues,” Gov. Hochul said. “The new facility will support year-round racing, thousands of new jobs for Long Islanders and provide an enhanced experience for customers attending the iconic Belmont Stakes for generations to come.”