The Belmont Stakes Racing Festival was officially underway in Saratoga Springs on Wednesday afternoon, a first-time event that's expected to help jumpstart the economic impact horse racing has on the Spa City and Capital Region.

It’s Belmont on Broadway, which rarely, if ever, is closed, but city and business leaders are pulling out all the stops to make what will be a historic few days for Saratoga Springs and beyond as the area hosts the third leg of the sport's Triple Crown.

And it all starts Wednesday night with the band Blues Traveler headlining a free concert to get the party started.

“Tonight is a real highlight for us,” said Todd Shimkus, president of the Saratoga County Chamber of Commerce. 

People have been trickling in all afternoon, certainly more than you’d see on a typical June day in Saratoga. Some are expecting 8,000 to 10,000 people around the downtown area this evening with even more expected for the marquee event on Saturday, the 156th running of the Belmont Stakes, which will take place down the street at Saratoga Race Course.

The Saratoga County Chamber of Commerce anticipates the action will generate more than $50 million for area economy and beyond.

“The reality is, when you have 50,000 people coming for the Belmont Stakes at Saratoga on Saturday, we don’t have enough capacity hotel-wise to fit all 50,000 people into our city," said Shimkus. "So they have to stay elsewhere, too. And that’s great because where people stay is where they spend their money, so we’re hoping they spend some money here and in Albany and in Lake George, Clifton Park and all over the place.”

All good news for business owners, who are in many ways still recovering from the pandemic. They’re calling this their Super Bowl, and some have been preparing for months.

“We’re feeling ready, confident and ready to take on the world,” said Mare Baker of Impressions of Saratoga, a shop located on Broadway.

It’s all things horses at Impressions of Saratoga, with a sprinkle of Belmont Stakes right now.

“We worked with Greg Montgomery, the artist that does the Travers (Stakes) poster every year, and he did a special Belmont poster, which is right behind me. And we took versions of that poster and did it on a T-shirt, a mug and some other things. Plus, of course, we’ve got the official merchandise from NYRA,” Baker said.