SBJ P.O. Box 766 Saratoga Springs, NY 12866
SARATOGA BUSINESS JOURNAL
VOL. 29 NO. 7
HH The Business Newspaper of Saratoga County HH
PRSRT STD U.S. POSTAGE
PAID
GLENS FALLS, NY 12801 PERMIT #600
SEPTEMBER 2024
www.saratogabusinessjournal.com
A Wide Variety Of Luxury Watercraft Is 2024 Racing Season Breaks Records Due To Available Through Comitti North America An Extensive Menu Of Fan-Friendly Programs
Italian craftsmanship is evident in every boat in Comitti’s line of luxury watercraft, which has been brought to the area by a father-and-son team of entrepreneurs. Since 1956, family-owned shipyard Comitti has been building bespoke, heirloom-quality boats in Lake Como, Italy, that are prized by discerning yachtsman, families and superyacht owners alike for their timeless lines, Italian craftsmanship and high level of customization. Now, these elegant runabouts and tenders, which range from 22 feet to 42 feet, are being offered exclusively in the U.S., Canada, Mexico and the Caribbean through newly formed distributor Comitti North America, headquartered in Saratoga Springs. Among the models Comitti North America is introducing to the North American market year are the new 25’8” One 780 and 32’6” Isola 33, as well as a “super custom,” bespoke version of the popular Venezia 28 model paying homage to Comitti and many of the most coveted European runabouts from the ’60s and ’70s.
Courtesy of Comitti North America
Each of these models is now making its U.S. debut. Comitti North America also has several other Comitti models located in the U.S. available for viewing by prospective dealers and retail clients. Comitti North America was founded this spring by Christopher and Chris Mackey, a father-and-son team who have made their mark in the luxury automobile industry over the last 30 years and have recently stepped out on their own with Mackey Auto Group, authorized factory sales and service provider for multiple internationally recognized brands with dealerships throughout upstate New York. “My father and I have extensive experience in bringing luxury domestic and imported car brands to the U.S., and we recognized a unique opportunity to fill a niche in the North AmeriContinued On Page 11
Colorful jockey statues stand proudly in front of the historic Saratoga Race Course, symbolizing a successful season that drew over a million visitors and boosted the local economy. BY PAUL POST All-sources and average daily handle were both up and paid attendance totaled more than 1 million at this year’s Saratoga Race Course meet, despite the loss of a full day’s action because of severe weather. The addition of Saratoga’s first-ever, four-day Belmont Stakes Racing Festival in June generated significant extra momentum for the regular summer meet, which concluded on Labor Day Monday, September 2. Combined with major entertainment at other venues such as Saratoga Performing Arts Center, the impact was extremely positive for local businesses. “Our lodging partners had a strong summer season actualizing year over year growth in both occupancy and average daily rate,” Discover Saratoga President Darryl Leggieri said. “June
Courtesy of NYRA
alone saw a nearly 20 percent increase in revenue year over year due to the Belmont Stakes Racing Festival. These strong increases came off a record year for lodging in 2023.” “The unique combination of the Belmont Stakes and our traditional summer meet created a vibrant atmosphere that drew visitors from near and far, benefiting restaurants, shops and other local businesses,” he said. “These events not only strengthened our economy, but also once again reinforced the fact that Saratoga Springs is a world-class destination for horse racing, and helped to shine a spotlight on our destination as a whole; that we can host world-class events in Saratoga County.” The Spa City is scheduled to host the Belmont Stakes again in 2025 as a huge multi-million-dollar makeover of Belmont Park, in New York, nears completion. Continued On Page 13
NBT Bancorp Expands Footprint Into Western Dorothy Rogers-Bullis Is Named Chairperson New York By Merging With Evans Bancorp Of Saratoga Springs City Center Authority NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) and Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) has announced they have entered into a definitive agreement pursuant to which Evans will merge with and into NBT. This merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York. “We are enthusiastic about this opportunity to partner with Evans and are confident it is a high quality and incredibly impactful way to expand NBT’s presence into Western New York,” said NBT President and Chief Executive Officer Scott A. Kingsley. “Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in Upstate New York where we have been very active and successful for nearly 170 years. We share strong community banking values with Evans and look forward to working with their experienced team to build on the relationships they have established with their customers, communities and shareholders.” The combined organization will have the highest deposit market share in Upstate New York for any bank with assets under $100 bil-
lion and will result in a network of over 170 locations from Buffalo, NY to Portland, ME. NBT’s primary subsidiary, NBT Bank, N.A., has 154 locations in seven northeastern states. With 107 of those locations in Upstate New York, NBT’s banking franchise currently stretches west to east from Syracuse to the Capital District and north to south from Plattsburgh to Binghamton and the Hudson Valley. Evans, headquartered in Williamsville, NY had assets of $2.26 billion as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets. Pursuant to the merger agreement, NBT will acquire 100 percent of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. The merger was unanimously approved by the Boards of Directors of both companies. “We are very excited to be joining the NBT family and bringing the next generation of community banking to Buffalo, Rochester and the Finger Lakes,” said David J. Nasca, Evans Continued On Page 11
The Saratoga Springs City Center Authority Board has announced the appointment of Dorothy Rogers-Bullis as the new chairperson. Rogers-Bullis, owner of drb business interiors, has been a board member since 2017, and officially assumed her new role in June 2024. Rogers-Bullis brings a wealth of experience and expertise to her new position. As a successful entrepreneur, she has demonstrated strong leadership and business acumen. Her deeprooted connections within the community and her enthusiasm for the role are expected to significantly benefit the City Center, and its future endeavors. Saratoga City Center Executive Director Ryan McMahon said, “I’m excited to welcome Dorothy as the new chairperson of the City Center Authority Board. Her enthusiasm, business expertise, and positive connections in the community will be a tremendous asset for the City Center.” McMahon also extended his gratitude to the outgoing chairperson, Tom Roohan, for his 12 years of service on the board. “Since taking the position as Saratoga City Center Authority Board Chairperson in February 2018, Tom has been a constant source of professionalism and provided expert leadership in business and community affairs. Guiding the City Center through the
Dorothy Rogers-Bullis is owner and president of drb Business Interiors in Saratoga Springs. Courtesy drb Business Interiors
complex process of approvals and construction of a 670-space parking facility, as well as charting unknown territory during the challenges presented by Covid-19, Tom’s expert and positive contributions cannot be overstated,” he said.