A $1 billion redevelopment of Belmont Park will transform surplus land at the Long Island site into the new home of the New York Islanders, a 435,000-square foot retail and entertainment complex and new hotel that will create a world-class sports and entertainment destination.

Detailed plans for the project, announced in late 2017, include addition of more than 3,100 permanent jobs and 12,300 construction jobs—as well as economic impact through tourism and visitor spending.

In July 2017, ESD issued a competitive RFP and received three responses that were evaluated under the highest standards and criteria. ESD ensured robust community engagement, through numerous Community Listening Sessions, two site tours, an extensive interview process with respondents, briefings with REDC and local elected officials and more than 125 received written comments.

On Dec. 20, speaking at the Belmont Race Track, Governor Cuomo announced the selection of New York Arena Partners (NYAP) to lead the redevelopment. NYAP is a joint venture among Sterling Equities, the Scott Malkin Group, Madison Square Garden and the Oak View Group.

ESD President, CEO and Commissioner Howard Zemsky, calling the announcement “historic,” also pointed to the project as “an engine for economic growth” with an investment that represents jobs, tourism and major investment. The new Belmont Park will also create a new gateway for Long Island, building on the Governor’s $6.6 billion transformation of the Long Island Railroad that includes the Main Line Third Track, Double Track and Jamaica Station Reconstruction. The LIRR is committed to plans developing expansion of LIRR service to Belmont Park so that visitors can attend events there year-round. 

New York State will negotiate to ensure the New York Islanders play as many games as possible at the Nassau Coliseum while the new Belmont arena is being built.