ANNAPOLIS, MD – The Maryland Board of Public Works has approved a historic agreement to transfer ownership of Pimlico Race Course from The Stronach Group to the State of Maryland. This significant move ensures Pimlico, the home of the Preakness Stakes, will remain a key location for thoroughbred racing and economic activity in Baltimore's Park Heights community.
Governor Wes Moore expressed his administration's commitment to community-driven economic development. "When it comes to projects with generational impact, our administration has made it clear that we aren't just focused on closing a deal – we're focused on driving economic development in all of our communities," said Moore. He emphasized that the agreement would secure the future of horse racing at Pimlico and bolster Baltimore's economic prosperity. Moore also thanked the General Assembly, the Maryland Thoroughbred Racetrack Operating Authority, The Stronach Group, 1/ST, and the Maryland Jockey Club for their collaboration in finalizing the deal.
Agreement Details and Future Plans
The master agreement involves transferring Pimlico's ownership from The Stronach Group to the Maryland Thoroughbred Racetrack Operating Authority for a nominal fee of one dollar, effective July 1. The state will also lease the Laurel Park racetrack for three years starting January 1, 2025, at a cost of one dollar per year. During the construction at Pimlico, races will be held at Laurel Park, but the 150th Preakness Stakes is expected to take place at Pimlico next year.
Once construction is completed, The Stronach Group will retain ownership of Laurel Park and may choose to sell or redevelop the property for non-racing purposes. The agreement also includes the transfer of rights to the Preakness Stakes to the Maryland Thoroughbred Racetrack Operating Authority through a long-term licensing arrangement with The Stronach Group after Preakness 151 in 2026.
"With the approval and signing of these agreements, we will put Maryland horse racing on a solid foot for the future," said Maryland Thoroughbred Racetrack Operating Authority Chair Greg Cross.
Investments and Community Impact
The agreement mandates a comprehensive renovation of Pimlico's facilities, including the racetrack, hotel, and event spaces. It also includes a $10 million investment from the Department of Housing and Community Development to support housing, job training, workforce development, and other priorities in the Park Heights community. Additionally, a new off-site training facility will be developed, and a non-profit organization will be established to oversee racing operations in Maryland, adhering to national best practices.
Belinda Stronach, Chief Executive Officer, President, and Chair of The Stronach Group, praised the agreement. "Thanks to the support of Governor Moore and to the partnership of the Maryland Thoroughbred Racetrack Operating Authority under the leadership of Greg Cross, a sustainable and bright new future for the Thoroughbred racing industry in Maryland has been secured," she said. Stronach highlighted that the agreement benefits both the racing industry and the Park Heights community.
Legislative Support
Governor Moore recently signed the Horse Racing-Racing Facility Ownerships and Construction Racing Operations bill, providing funding and authorization for the historic agreement. This legislation supports Maryland's vital equine industry, which represents 25% of the state's agricultural sector, employs approximately 28,000 people, and generates a $3 billion economic impact.
The Preakness Stakes, a premier event in the racing calendar, has been held at Pimlico since 1873. This Saturday will mark the 149th running of the Preakness Stakes at the historic venue.
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