SBJ 9 Broad Street #7 Glens Falls, NY 12801
SARATOGA BUSINESS JOURNAL
VOL. 31 NO. 02
www.saratogabusinessjournal.com
HH The Business Newspaper of Saratoga County HH
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GLENS FALLS, NY 12801 PERMIT #600
APRIL 2026
Belmont Stakes Festival Brings Racing, Entertainment And Economic Boost Back To Saratoga BY PAUL POST World-class racing and top-flight entertainment are on tap, providing a significant economic boost when the Belmont Stakes Racing Festival returns to Saratoga for the third and final time. The 158th edition of the historic Grade 1, $2 million Belmont Stakes highlights five days of racing from Wednesday, June 3, to Sunday, June 7. But plenty of off-track fun is planned, too, as the band Fitz and the Tantrums headlines a free Belmont on Broadway concert with special guest Vertical Horizon, from 7 to 10 p.m. in downtown Saratoga Springs. “Belmont on Broadway has really become the heartbeat of the week,” Discover Saratoga President Darryl Leggieri said. “It brings a critical mass of people downtown, creates energy for our businesses and showcases the very best of Saratoga Springs. It’s a perfect example of how tourism and community pride come together to create real economic impact. It also shows the world that Saratoga can deliver a world-class experience, and our community shows up in a big way to make it happen.” Los Angeles-based Fitz and the Tantrums bring a vibrant, feel-good sound rooted in indie pop and neo-soul, known for high-energy, horn-heavy hits such as “MoneyGrabber,” “Out of My League” and “HandClap.” With dual lead vocals and a dynamic stage presence, they’ve become a staple on major festival circuits, delivering an upbeat, danceable experience that resonates with a wide audience. Vertical Horizon, formed in Washington, D.C., is a multiplatinum alternative rock band known for its late-1990s and early-2000s hits, including the chart-topping “Everything You Want.” Blending alternative rock, pop rock and acoustic elements, its music has remained popular with fans who grew up with that era, while still delivering high-energy live performances today. Beforehand, a new ticketed VIP show featuring comedian Chelsea Handler is planned for Universal Preservation Hall. She hosted the late-night talk show, “Chelsea Lately,” on the E! network from 2007 to 2014 and hosted the talk show, “Chelsea,” on Netflix from 2016 to 2017.
Poster promotes Belmont on Broadway, the free June 3 downtown concert event during Saratoga’s 2026 Belmont Stakes Festival week. Courtesy Belmont Stakes
“Belmont Stakes Racing Festival generates tens of millions in economic impact while driving visitation during what is usually a nonracing timeframe,” Leggieri said. “What’s most exciting is how it’s evolved into a full destination experience filling hotels, supporting small businesses, and introducing Saratoga to new audiences that we can convert into future visitors.” Twenty-five stakes races worth $11.075 million are planned
during the Racing Festival, including 10 Grade 1 races among 18 graded stakes. “It’s a huge economic win, not only for Saratoga Springs and Saratoga County, but the entire Capital Region,” said Greg Connors, Saratoga Economic Development Corporation president. “At an estimated $9 million impact per day, when applied to this year’s 51 days of racing, the economic impact will be close to one-half billion dollars in just a short 90-day period.” The Belmont Stakes is being held in Saratoga for a third straight year as work continues on a new, reimagined Belmont Park that’s scheduled to reopen Sept. 18 on Long Island. Saratoga will host a 46-day summer meet this year, starting with the July 4 Racing Festival from Friday, July 3, to Sunday, July 5. The Spa Oval will then host a series of four-day racing weeks, Thursday to Sunday, from Thursday, July 9, to Sunday, July 26, prior to the resumption of a five-day racing week beginning Wednesday, July 29. “The racing festivals are not only an almost three-month opportunity to support the hospitality and tourism industry, but it also, for the third year in a row, introduces Saratoga County to an international audience,” Connors said. “For those visitors who read, watch, listen or visit during the racing festivals, their interest in making their next capital economic investment is a tangible byproduct of what Saratoga Springs, Saratoga County and the Capital Region can offer as a result of the Belmont Racing Festival and NYRA’s annual world-class thoroughbred racing.” The summer meet will conclude with a six-day week from Wednesday, Sept. 2, through Labor Day, Monday, Sept. 7. Next year, Belmont Park will once again host the Belmont Stakes and July 4 Racing Festivals, while Saratoga Race Course reverts to its traditional 40-day summer meet. “In June 2024 and 2025, we saw annual increases in sales tax collections at the county and city level as well as increases in revenue per available room at lodging facilities,” said Todd Shimkus, Saratoga County Chamber of Commerce president. “Hotel leaders are already chatting with us about how to replace this business in June 2027, which tells the economic value of having been able to host the Belmont Stakes Festival at Continued On Page 12
Siena Research Institute Reports New York Stock Studios Photography Has Been Providing Consumer Sentiment Lowest Since 2022 Clients With Exceptional Images For 35 Years The New York State Index of Consumer Sentiment fell to 65.6 in the first quarter, down 3.2 points from the fourth quarter of 2025, according to the Siena Research Institute. The reading is the state’s lowest since June 2022. Siena said New York sentiment remains above the national index of 53.3, which rose 0.4 points. New York’s current index slipped 0.4 points to 63.3, while the measure of future expectations dropped 4.8 points to 67.2. Siena said future confidence in New York is at its lowest level since October 2013 and that the overall index has been below the breakeven point of balanced optimism and pessimism for five straight quarters. “While the national Index of Consumer Sentiment rose slightly, mostly driven by the sharp increase in the current sentiment, New York’s overall Index dropped by 3.2 points,” according to Travis Brodbeck, SRI’s Associate Director of Data Management. “In New York, the drop in the Index is driven by the steep decline in future confidence, the Index of Consumer Expectations, which is at its lowest point since October of 2013. Both in New York and nationally, there was at least a 2.9-point drop in future confidence. In New York, confidence in the future dropped across all demographic groups with the most dramatic decline among Republicans dropping 14.1 points to 74.9.” Siena said buying plans were mostly unchanged. Intentions to buy a home fell 1.0 percentage point to 9.9%. Plans to buy a car or truck declined 0.7 percentage point to 18.3%, and major home improvement plans edged down to 22.1%. Plans to buy consumer electronics rose to 41.6%, and plans to purchase furniture increased 5.6 percentage points to 30.1%. Siena reported that 79% of New Yorkers said food costs were having a very or somewhat se-
rious impact on their financial condition, and 51% said the same about gasoline prices, up five points from last quarter. Utilities were cited as a very or somewhat serious impact by 75%, up five points. “Gas prices are up and so is the number of New Yorkers who say that gas prices are having a serious impact on their financial condition”, Brodbeck said. “To ensure we are capturing the evolving situation impacting the budgets of New Yorkers, we took two additional measurements on the seriousness of gas prices. First, we conducted an online poll of 389 state residents in late March and found that 70% say that gas prices are seriously impacting their financial condition. In our survey of New York’s registered voters released earlier this week, 64% of voters said that gas prices are having a somewhat or very serious impact on their financial condition. The trend from these three measurements shows that as geopolitical events unfold, New Yorkers are saying that they feel the pain at the pump.” Siena said 51% of New Yorkers described their utility bills, including heating and electricity, as not too or not at all affordable, compared with 46% who said the bills were very or somewhat affordable. Siena said 55% reported keeping their thermostat lower or higher than comfortable because of utility costs, 34% paid a utility bill late or paid only a partial amount, 29% borrowed money or took on debt, and 17% contacted a local official. The Siena University Poll was conducted March 3-14, 2026, among 810 New York State residents and has a margin of error of plus or minus 3.6 percentage points. Visit www.siena.edu/sri/cci. Provided by Siena Research Institute; edited for style and length.
BY ROD BACON One of the area’s premier photographers has relocated to downtown Saratoga Springs. Tom Stock, owner of Stock Studios Photography, continues to provide clients with exceptional images from his new studio in the Shannon-Rose Design building at 65 Clinton Street after selling his building on West Street. “I have the whole second floor,” he said. “It is exactly the same size as the main studio area of the building we just sold. It’s everything I could have asked for.” For 35 years, Stock has been offering a wide range of services that include architectural, advertising, food, product, portraits/lifestyle, and aerial photography. Locally, he has worked with all of the hospitals, banks, and law firms in the Capital District, as well as many area architects and building contractors. He has also provided images for the New York State Department of Health and the New York State Energy Research and Development Authority (NYSERDA). He noted that he has worked with Saratoga Hospital’s marketing department for 30 years, shooting everything from staff portraits to operations. From 1994-2024 he provided images for the Saratoga Business Journal. During the past year he has photographed the renovations of four local hotels and has two more to do this spring. He recently shot a series of photographs for a company that has a line of healthy protein pancake mixes, as well as shooting artwork for a high-end artist in the Capital District. Nationally, among others, he worked with the marketing department of Nucor, North
Tom Stock offers high-quality photographic services from his new studio. Courtesy Stock Studios Photography
America’s largest steel manufacturer and recycler. He estimates that 60 percent of his clients are from the Capital District to the Adirondacks and 40 percent are on the East Coast and nationwide. “It’s mostly commercial, industrial, advertising, and business-to-business photography,” he said. A Gloversville native, Stock enlisted in the United States Army after high school graduation, and was posted in Germany with the military police. He also served as a member of Continued On Page 9