The Stronach Group, proprietor of Baltimore’s Pimlico Race Course – residence of the Preakness Stakes – will promote the historic observe to the State of Maryland for $1.
The Preakness Stakes, above, is the second largest horse racing occasion within the US and culturally essential to Maryland, which hopes to consolidate all racing at a revamped Pimlico Race Course. (Picture: Sporting Information)
On Wednesday, the Maryland Board of Public Works voted to approve the plan, which can contain a whole rebuild of the observe.
The state will run the observe as a nonprofit whereas paying Stronach hundreds of thousands for the fitting to make use of the Preakness Stakes title and to run the well-known race.
Consolidating Racing
Final week, Maryland’s Democratic Governor Wes Moore signed a invoice approving $400 million in state bonds to pay for the renovations.
The Preakness will nonetheless run at Pimlico this coming Saturday (Might 18) and subsequent 12 months, however it’ll transfer to Laurel Park in 2026 whereas the observe is rebuilt. It would return to the new-look Pimlico – it’s hoped – in 2027.
Laurel Park, which can also be owned by the Stronach Group, will likely be completely closed after 110 years of racing as soon as the renovations to Pimlico are full, per the settlement.
Supporters of the plan imagine it’ll consolidate and rejuvenate racing within the state whereas defending the Preakness Stakes and permitting it to stay at its religious residence.
The Preakness is culturally essential to Marylanders. First run in 1873 – beating the Kentucky Derby by two years – it’s second solely to the Derby for attendance. Maryland legislation prohibits the Preakness from leaving the state.
“With this settlement, we’re making Pimlico the year-round residence of thoroughbred racing within the state of Maryland,” Gov. Moore stated Wednesday. “By consolidating thoroughbred racing at one observe, Pimlico will change into a dependable hub of financial exercise, relatively than solely being within the highlight for a couple of days of the 12 months.”
New-Look Pimlico
The rebuild will create a smaller 5,000-seat grandstand, which can double as an occasion house and be open to the local people all 12 months spherical, in line with native NBC affiliate WBAL-TV. There will likely be a brand new sportsbook, a resort with views of the observe, and a 2,000-space parking storage.
The observe itself will likely be rotated 30 levels to release extra space for these new amenities. The plan is that the revamped observe will be capable to host open-air festivals and different occasions.
Any working losses will likely be coated by a fund derived from lottery proceeds. In the meantime, 10% of observe income will go to native Park Heights neighborhood growth tasks.
“This actually is an historic second,” stated Alan Foreman, president and CEO of the Maryland Thoroughbred Horsemen’s Affiliation, informed WBAL-TV. “[With] the not-for-profit mannequin, we’re consolidating, decreasing bills, reimagining the longer term.”
