Some of the claims made by NYRA about what the loan will do are laughable.
Here's an article from a while back where the consultant NYRA hired to make the economic case for the renovations is interviewed. It's quite funny if you follow racing.
https://nysfocus.com/2023/03/01/new-...=pocket_reader
The consultant claimed that the renovation will lead to more races since the track will be winterized. The consultant claimed that attendance just from the expected Breeders' Cup alone will account for 120,000 new fans. The consultant then goes on to say that because of these renovations NYRA will be able to conduct racing year round which will lead to more full time jobs.
This is someone NYRA hired and he did such a good job they then sent him to be interviewed by the media to make the case.
The government does all sorts of silly subsidizing of industry. Supposedly NYRA will pay back this loan. There is nothing wrong with what NYRA is trying to do - it makes zero sense to have 2 tracks a couple miles apart.
However, this consultant didn't make much of a compelling case for the loan IMO. He doesn't understand the broader racing economic situation at all. And I suspect none of the people involved in selling this loan or the people tasked with approving it understand it either. Just some made up numbers based on nothing resembling reality.