As Saratoga Casino and Raceway approaches its 10th year of operation, expansion plans are officially underway. A $30 million plan unveiled Tuesday (May 28) includes a 120-room hotel with guest spa, indoor pool and lobby bar, a 24,000 sq. ft. multi-purpose event center, and a signature fine dining restaurant.
The plans are the most significant expansion ever done at Saratoga Casino and Raceway and the present the transformation of the facility into an international resort destination. The property underwent a $15 million renovation and expansion prior to opening in January 2004. In 2007, $25 million was spent to add 400 slot machines and electronic table games, Vapor Night Club and the Garden Buffet.
Aarchitectural renderings of the project were unveiled on May 28, a construction timeline, and an economic impact study demonstrating the significance of the project to Saratoga Springs, Saratoga County and New York State.
"Since opening in 2004, we have seen tremendous growth and are very proud to have generated in excess of $111.3 million for our horsemen and $601.2 million for education in New York State,” said Jamie Hartman, Executive Vice President and Chief Operating Officer of Saratoga Casino and Raceway. "Our proven track record of growth, job creation and revenue generation for all our stakeholders is one we look forward to improving upon with this plan.”
Saratoga Casino and Raceway employs over 600 team members and had payroll expenditures over $18 million in 2012. The expansion plans include the creation of 260 additional jobs at the facility, and an additional $9 million in annual payroll expenses, bringing the total number of employees to 900 and yearly payroll expenses to $27 million.
The construction timeline anticipates work beginning in spring 2014 and the opening of the expansion project in spring 2015.
"We look forward to undertaking this plan and are pleased to be able to move forward,” said Hartman. "We are also excited to create more than 300 union construction jobs and $21 million in payroll to the Capital District when jobs are so sorely needed by all upstate communities.”
The $30 million expansion is estimated to generate more than $53.4 million in New York's statewide economic output and $1.75 million in state and local tax revenues.
In the first full year after the expansion project is completed, Saratoga Casino and Raceway's expanded operations will generate an ongoing increase of $1.7 million in support for New York's racing and breeding industries as well as an increase of $10.1 million in New York State's share of the revenues and $1.75 million in state and local tax revenues. A total of 405 additional jobs and $19.2 million in wages and salaries will also be created.
"The $1.2 billion in revenues already generated by Saratoga Casino and Raceway should be considered to be the beginning of what can be accomplished by this world class team,” said Hartman. "We believe that we're at the beginning of a transformation that will ensure significant long term economic benefit for New York State and our horsemen as well as for our community and our employees.”