A new project to modernize the Belmont Park racetrack would create a big economic boost, according to a new study from the group "We Are NY Horse Racing."

Data from analysis company HR&A Advisors found the multiyear project would help generate $155 million in annual economic output and support 740 new full-time jobs.

A new Belmont Park would also produce $10 million in state and local taxes per year.

"This would be a gamechanger for Long Island - it would allow us to consolidate all of the downstate horse racing at Belmont, it would allow us to bring the Breeders' Cup here, it would really make Belmont Park a world-class facility that it deserves to be and should be," said LIA CEO and President Matt Cohen.

Cohen said the consolidation would also open up over 1,000 acres of land for activities and projects at Aqueduct Racetrack.