The new racing plan “calls for” the Preakness Stakes to be run at Pimlico this year and next, the 150th installmentGetty Images
Maryland state legislators will consider a horse racing bill that “aims to install a new nonprofit day-to-day operator, rebuild worn-down Pimlico Race Course and construct a training facility” using $400M in state bonds, according to Hayes Gardner of the BALTIMORE SUN. The plan is “similar to what the Maryland Thoroughbred Racetrack Operating Authority recommended to the General Assembly" in a January report. It would require $25M “more than previously anticipated” and would “slightly decrease the number of racing days” at the track. Under the proposal, The Stronach Group -- the state’s current operator and the owner of Laurel Park and Pimlico -- “would give Pimlico to the state but continue to own Laurel Park,” which would “shut down racing operations in the coming years.” There is a “binding commitment” between the racing authority and Stronach to “donate Pimlico to the authority.” If the bill passes and receives approvals, Stronach and the state “would close on their deal June 1, with ownership of Pimlico transferring to the state July 1.” The new racing plan “calls for” the Preakness Stakes to be run at Pimlico this year and next, the 150th installment. It would “then move to Laurel Park for one year,” in 2026, and return to a “revamped Pimlico in 2027.” The Maryland Stadium Authority “would be tasked with designing and building Pimlico.” Stronach would “retain ownership of the Preakness itself,” but would “license it for an annual fee -- a figure yet to be disclosed -- to the nonprofit operator.” Gardner noted the nonprofit would “annually run the meet and, after paying that fee, retain revenues from Preakness weekend” (BALTIMORE SUN, 3/14).
