SBJ 9 Broad Street #7 Glens Falls, NY 12801
SARATOGA BUSINESS JOURNAL
VOL. 30 NO. 12
www.saratogabusinessjournal.com
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FEBRUARY 2026
Tax Policy, Chips, Jobs Fuel Optimism At Saratoga Casino Opens 85th Harness Saratoga County Economic Outlook 2026 Racing Season With 150 Dates, $17M Purses
Ben Chuckrow (right), Stifel senior vice president, investments and branch manager, discusses local and national trends during a 2026 Economic Outlook as Charles Wait Jr (left) and Dave DeMarco (center) look on. BY PAUL POST Federal tax refunds from President Trump’s One Big Beautiful Bill are expected to be $150 billion higher this spring, helping all kinds of business as people purchase everything from lawn tractors to new homes. That’s what keynote speaker Robert Doll said during a recent 2026 Economic Outlook program hosted by Saratoga County Chamber of Commerce at the Excelsior Springs Event Center with more than 100 attendees on hand. The bill, which the president signed into law last July 4, includes tax deductions for tips, overtime pay, auto loans, and creates Trump accounts allowing parents to create tax-deferred accounts for their children, all set to expire in 2028. “That’s real money and creates a tailwind for consumption,” said Doll, CEO of Houston-based
Paul Post photo
Crossmark Global Investments. “The economy is improving. Economic growth in the United States in 2026 will be 50 basis points higher than it was in 2025 and there’s nothing embarrassing about 2025.” “We are using the phrase high-risk bull market to describe where we think we are,” he said. “The bull market part says the path of least resistance is up. The two conditions, in my judgment, for that to continue number one, are that earnings estimates keep drifting higher. That’s certainly been the case so far.” “The second condition is the Fed, that it remains at worst neutral or constructively positive, meaning they talk about cutting rates, not raising rates,” Doll said. “Those two things have powered the market higher now for some time Continued On Page 11
Thousands Attend Saratoga Chowderfest As Discover Saratoga Reveals 2026 Winners Discover Saratoga announced the winners of the 27th Annual Saratoga Chowderfest, held Saturday, Feb. 7, 2026, from 11 a.m. to 4 p.m. Thousands of attendees braved winter temperatures to sample a wide variety of chowders from participating vendors and vote for their favorites. Winners were recognized in eight categories during the annual awards ceremony at the Saratoga Springs Heritage Area Visitor Center. The 2026 Chowderfest winners are: • People’s Choice, 500 bowls or less: Artisanal Brew Works • People’s Choice, 501–750 bowls: The Mill on Round Lake • People’s Choice, 751–1,000 bowls: Whitman Brewing • People’s Choice, 1,001–1,500 bowls: The Parting Glass • People’s Choice, 1,501–2,000 bowls: Rhea • People’s Choice, 2,001–3,000 bowls: Wheatfields Restaurant • People’s Choice, 3,001–4,000 bowls: Morrissey’s Lounge & Bistro • People’s Choice, 4,001-plus bowls: Druthers Brewing Company Chowderfest highlights included: • 88 vendors, including seven first-time participants • More than 66,372 bowls of chowder served • Attendance of approximately 20,000 people “Chowderfest continues to be one of Saratoga’s most anticipated winter traditions,” said Darryl
Harness racing returns to Saratoga Casino for its 85th season with 150 race dates and more than $17 million in purses, which began Feb. 1 at the Spa Oval. Saratoga Casino Hotel announced the return of live harness racing for its 85th season, which began Sunday, February 1. The 2026 schedule at the Spa Oval will consist of 150 racing programs running through mid-December, including several Saturday matinee race cards throughout the season. Horsemen will compete for over $17 million in purses during the season. In addition, the track will host eight New York Sire Stakes programs featuring the best New York bred horses in the state racing for an additional $1.5 million in purses. “I expect a very strong season of racing,” said Race Secretary Peter Iovino. “The horse population has been abundant the last few years and this gives us the ability to offer a high-quality product for our fans.” Saratoga Casino’s premier event, the Joe Gerrity Jr. Memorial Invitational Pacing Series, will kick off on Saturday, July 11 with a new format better suited for local horsemen participation. This year, competitors will vie for points in the
Courtesy Saratoga Casino
$20,000 Invitational over seven consecutive Saturdays, with the top point earners advancing to the $100,000 final on Saturday, August 29. Total purses for the Gerrity Invitational series are $240,000. Defending their 2025 titles this season are leading trainer Melissa Beckwith and top driver Jim Devaux. Beckwith trained 174 winners in 2025, while Devaux crossed the finish line first 288 times last year. Saratoga Casino will partner with the Saratoga Harness Horsepersons Association to offer some exciting promotions in the month of February. Highlights include a long-sleeve shirt giveaway to the first 400 customers on Saturday, February 14. Other promotions include a wheel spin drawing on Saturday, February 7 and Sunday, February 15, where all customers in attendance can enter for a chance to spin the prize wheel to win a $25-$100 free bet. One winner will be selected after races two through ten. This season will also feature an expanded Continued On Page 2
First New York Federal Credit Union Announces New President And CEO
Thousands sample chowder during Saratoga’s 27th annual Chowderfest. Courtesy Discover Saratoga
Leggieri, president of Discover Saratoga. “Year after year, it’s incredible to see our downtown filled with energy during the winter months. From the creativity of our local restaurants to the dedication of our volunteers and city partners, this event truly showcases the spirit of Saratoga.” For more information, visit DiscoverSaratoga. org.
First New York Federal Credit Union is pleased to announce the appointment of Vik Muktavaram as its next President and CEO. Muktavaram, the ninth chief executive in the credit union’s 88-year history, joins First New York following the planned retirement of current President and CEO Lucy Halstead. Muktavaram is currently the Executive Vice President & Chief Financial Officer at Sunmark Credit Union. He joined Sunmark as the Chief Risk Officer in 2022 and was named Interim Chief Financial Officer in 2024. Prior to joining Sunmark, he was a Principal with Satori Consulting, a New York City-based management consulting firm. Before that, he served as Chief Risk Officer for Old Mutual Bermuda, an investment management company, and spent over a decade in management consulting. “Vik’s range of experience and commitment to the credit union movement stood out during our search process,” said Brian Krawiecki, Chair of First New York’s Board of Directors. “First New York has a great team, and we are excited to bring Vik on board as their new leader.” Muktavaram earned an MBA from Columbia Business School, a master’s degree in
Vik Muktavaram will become next president and CEO of First New York Federal Credit Union. Courtesy First New York Federal Credit Union
computer science from Oklahoma State University, and a bachelor’s in chemical engineering from Osmania University.