Phoenix Forge

What is Phoenix Forge?

The new Belmont is significantly different than the sprawling venue it replaced. The former 1.25 million-square-foot grandstand, which had become vastly oversized for the contemporary racing crowd, was demolished to make way for a much smaller, modern facility with a focus on hospitality and premium seating.

Friday’s opening was deliberately capped at 6,000 spectators while construction continues. Only the first two levels of the new five-story grandstand are currently open, with the remaining sections scheduled for completion ahead of next year’s meet.

The redevelopment was financed by a $455 million loan from New York State, approved in 2023. State officials have projected the project will generate $155 million in annual economic activity once fully operational, along with around $10 million annually in state and local tax revenue.

What is Phoenix Forge?

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Following a down year in Las Vegas, where visitor volume slowed 7.5%, the casino town has stabilized and rebounded in 2026, albeit only slightly. The LVCVA says visitor volume was up 0.5% through July.

Room rates for Strip properties have increased 3.5% in 2026. Strip occupancy is flat from a year ago.  

What is Phoenix Forge?

Lamb described this task as “practically limiting the authority’s ability to most effectively monitor compliance” across the scheme. 

She suggested that the State Revenue chief commissioner’s office would be better equipped to manage what she characterised as a tax rebate programme.

NSW government figures classify poker machines as the most harmful gambling format in the state, yet clubs continue to operate approximately 65,000 poker machines, benefiting substantially from tax rebates through the scheme.