Maryland Purchases Historic Pimlico Race Course for One Dollar
The owners of Pimlico Race Course, where the Preakness Stakes take place in Baltimore, have decided to sell the iconic track to the state of Maryland for $1. The Maryland Board of Public Works recently approved this plan, which includes a complete overhaul of the venue.
Set to take place on Wednesday, this agreement will see the state manage the race course as a non-profit organisation, but they'll still pay millions to the Stronach Group for the use of the Preakness Stakes name and the right to conduct the famous event.
Governor Wes Moore of Maryland recently signed a bill approving $400 million in state bonds for these renovations. The Preakness will still be held at Pimlico this year and in 2024, but it'll then be transferred to Laurel Park in 2026 while the renovations occur. It's planned to return to the redesigned Pimlico in 2027.
Laurel Park, also owned by the Stronach Group, is due to close permanently after 110 years of racing once renovations at Pimlico are completed, as per the terms of the deal.
Advocates of this plan assert that it'll consolidate and reinvigorate racing in the state, while saving the Preakness Stakes and allowing it to continue to be held at its spiritual home. The Preakness is an essential part of Maryland's culture; dating back to 1873, it's second only to the Kentucky Derby in terms of attendance. It's illegal for the Preakness to leave the state, under state law.
"We're making Pimlico the year-round home of thoroughbred racing in the state of Maryland," Governor Moore said on Wednesday. "By centralising thoroughbred racing in one location, Pimlico will become a steady source of economic activity, rather than just being prominent for a few days a year."
A Modern Pimlico
The redevelopment will result in a smaller 5,000-seater grandstand that serves as a function venue and remains open to the community year-round. It'll also feature a sportsbook, a hotel overlooking the track, along with a parking lot for 2,000 cars.
To make space for these additions, the track layout will be rotated by 30 degrees. The intended purpose is for the modernised track to accommodate outdoor events, like festivals.
Operating losses will be covered by a subsidy from funds generated by lotteries, while 10% of the track's profits will be poured into local development initiatives for the Park Heights neighbourhood.
"This is a groundbreaking moment," Alan Foreman, the president and CEO of the Maryland Thoroughbred Horsemen's Association, stated to WBAL-TV. "Under the not-for-profit model, we're consolidating, reducing expenses, and dreaming of a new future."
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